Circle Internet Group

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Bitcoin trades around the clock: each day is its close at midnight UTC, but Nov 12, 2026 is its price at 4:43 pm New York, when it was read; that day's close came after this page was drawn. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Subscription and services was 3% and Transaction revenue was 1% of revenue; 96% was revenue not from contracts with customers, which this breakdown does not split; Subscription and services rose from 0.5% in the fiscal year to Dec 2023.

Quarters: Circle Internet Group's SEC filings, named by the month they end. Fiscal years: Circle Internet Group's annual reports to the SEC; FY22: Yahoo Finance.

How it makes money

The company loses $2.5 for every $100 of revenue. Operating expenses exceed all of gross profit.

Each margin is that line of the income statement divided by revenue. Fiscal year: Circle Internet Group's annual reports to the SEC; FY22: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year.

Customers and suppliers

In its latest annual report Circle Internet Group buys from BlackRock, BNY.

Suppliers

BlackRock BLK 88%

BNY

 

CRCLCircle Internet Group

Customers

Coinbase COIN

Their customers

CleanSpark CLSKfrom Coinbase

Strategy (MicroStrategy) MSTRfrom Coinbase

Show 2

Partners

Coinbase COINinvested in Circle Internet Group · Holds equity and markets and distributes stablecoins$1.4 billion distribution costs in 2025; $924.5 million in 2024

BinanceDistributes USDC across its products and services$152.1 million increase in distribution costs in 2025 versus 2024

SSBIJointly supports USDC distribution in JapanEach contributed approximately $1.5 million in November 2025

SStartEngineCircle Internet Group invested in it · Equity investment received for SeedInvest assets960 thousand common shares; noncontrolling interest

BlackRock BLKPreferred stablecoin reserve management partnershipAt least 90% of U.S.-managed USDC fiat reserves excluding bank deposits under March 2025 New MOU

Named in other companies’ filings

Coinbase COINinvested in Circle Internet Group · Remaining equity investment following partial sale

Only the companies Circle Internet Group names in its 10-K filed Mar 9, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Circle Internet Group. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 38.4x, above the peer median of 15.7x, and earnings are expected to fall, so use caution.

Priced 145% above the peer median of 15.7x.

What analysts expect

The average analyst price target is $103, 61% above the current price; 55% of 29 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 16 analysts (55%). Sell or Strong Sell: 3.

Over the past year the average of the analysts' latest price targets went from $146.08 to $85.14 (−42%), while CRCL went from $82.34 to $63.82 (−22%). In the past three months targets were raised 5 times and cut 8 times. 7 upgrades and 2 downgrades over the year; the latest: Mizuho moved it to Neutral from Underperform on Jul 31, 2026.

The day after each of these reports the stock moved +42.1% (Dec 2025, beat); +8.8% (Mar 2026, beat); 0.0% (Jun 2026, beat); −7.6% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.16 a share, and revenue of $729M, down 5% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $3.7B, up 24% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $741M in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 1.0, short-term debt is manageable; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 10 held CRCL at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 3 cut, 2 bought new, 3 sold all and 1 held the same. The largest of them is ARK Investment Management, 4.56M shares worth $285M at Jun 30, 2026, 1.1% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of CRCL at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $197M of CRCL on the open market in the 12 months to Nov 11, 2026; none bought. 69% of the sales were made under 10b5-1 plans, set up in advance. The largest was Rajeev V Date (Director), who sold $41.9M in 19 sales.

From the Form 4s filed with the SEC about Circle Internet Group (175 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 174 other transactions (grants, option exercises, shares withheld for tax, shares sold to pay tax, gifts and other transfers).