Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 1 May, 26 | CRCL | Buy | USD 96.1 | USD 101.0 | USD 106.0 | 2 days | Closed |
11.46%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Circle Internet Group, Inc. operates as a platform, network, and market infrastructure for stablecoin and blockchain applications. The company provides various platform including Arc Blockchain and Developer Infrastructure, an open, layer-1 blockchain network purpose-built to bring real world economic activity onchain; Circle Digital Assets and Services, which includes circle digital assets, USDC, EURC, and USYC, as well as circle mint and xreserve, related liquidity, custody, and trust infrastructure; and Circle Applications, which includes circle payments network and stablefx, applications that use circle digital assets to deliver real-world utility on the arc network and across the broader multichain ecosystem. Its stablecoins network comprises circle stablecoins, tokenized funds, liquidity, payments network, and developer services, as well as integration services. The company was founded in 2013 and is based in New York, New York.
Expansion in Adjusted EBITDA: USD 582 Mn in FY25 vs USD 285 Mn in FY24
Revenue Growth: USD 2,747 Mn in FY25 vs USD 1,676 Mn in FY24
Decline in Net Income: USD (70) Mn in FY25 vs USD 156 Mn in FY24
Increase in Operating Expenses: USD 1,179 Mn in FY25 vs USD 492 Mn in FY24
The company remains exposed to regulatory uncertainties, dependence on stablecoin adoption, and risks related to liquidity, counterparty exposure, and potential volatility in digital asset markets
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 96.1 | 87.0 | 101.0 | 106.0 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Robust Network Expansion Driving Financial Performance: Circle Internet Group, Inc. demonstrated strong operational momentum during Q4 and FY2025, underpinned by significant expansion in its stablecoin ecosystem. The company’s flagship USDC circulation reached approximately USD 75.3 billion, reflecting a substantial year-on-year increase, while on-chain transaction volumes surged sharply, highlighting increasing adoption of digital dollar infrastructure. The continued rise in meaningful wallets and cross-chain activity further reinforced the scalability and utility of its platform in the evolving digital finance ecosystem.
Revenue Growth Supported by Reserve Income Expansion: The company delivered robust financial performance with total revenue and reserve income reaching USD 770 million in Q4FY25, marking a 77% YoY increase. This growth was primarily driven by higher USDC circulation and improved monetization of reserve assets. Additionally, FY2025 total revenue stood at USD 2.74 billion, indicating sustained expansion across both core reserve income and ancillary revenue streams, reflecting the scalability of its business model.
Margin Expansion and Operating Leverage: Circle witnessed notable margin expansion, with adjusted EBITDA increasing sharply to USD 167 million in Q4FY25, up over 400% YoY, while EBITDA margins improved to 54%. This improvement reflects strong operating leverage as revenue growth outpaced the increase in operating expenses. Furthermore, RLDC margins improved to around 40%, supported by higher contribution from other revenue streams and cost discipline across distribution and transaction-related expenses.
Platform Innovation and Product Diversification: Operationally, Circle continued to expand its platform capabilities with the launch of Arc testnet and the introduction of new products such as StableFX and xReserve. The Circle Payments Network (CPN) also gained traction, supported by growing participation from financial institutions and increasing transaction volumes. These initiatives position the company as a comprehensive infrastructure provider for on-chain finance, extending beyond stablecoins into payments, FX, and tokenized assets.
Strong Adoption Trends Across Ecosystem: The company experienced strong ecosystem adoption, with USDC transaction volume reaching approximately USD 11.9 trillion in Q4FY25, reflecting exponential growth. Partnerships with leading enterprises and financial institutions such as Visa and Intuit further enhanced credibility and adoption. Additionally, the expansion to over 30 blockchain networks strengthened interoperability and broadened the use cases for USDC across global markets.
Growth in Adjacent Digital Assets and AI Integration: Circle also recorded significant growth in adjacent digital assets such as EURC and USYC, with EURC circulation rising multiple folds YoY. Simultaneously, the company is integrating AI capabilities across its platform, enabling agentic payments and automated financial interactions. These developments are expected to drive future transaction volumes and open new monetization avenues, positioning Circle at the intersection of AI and blockchain innovation.
Forward Guidance and Strategic Outlook: Looking ahead, Circle remains optimistic about sustained growth, with expectations of continued expansion in other revenue streams and stable margins. The company is guiding for higher adjusted operating expenses in FY2026, reflecting ongoing investments in infrastructure, partnerships, and product innovation. Despite near-term cost pressures, the long-term outlook remains favorable, driven by increasing adoption of digital financial infrastructure and strong network effects.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given to Circle Internet Group, Inc. (NYSE: CRCL) at the current market price of USD 96.1, as on 01 May,2026 at 7:50 am PDT
Data Powered by EOD Historical Data (“EODHD”).
Sector: Financial Services Industry: Capital Markets
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| CRCL Circle Internet Group, Inc. |
4.10 6.26% | 69.55 | - | 101.01 | 10.30 | 7.90 | 9.03 | 123.85 |
| GS Goldman Sachs Group Inc |
20.84 1.98% | 1075.87 | 17.21 | 16.00 | 4.47 | 2.26 | 11.15 | |
| MS Morgan Stanley |
3.51 1.66% | 214.45 | 16.50 | 13.76 | 2.80 | 1.65 | ||
| SCHW Charles Schwab Corp |
0.59 0.58% | 103.13 | 22.86 | 17.39 | 6.14 | 4.28 | ||
| CIIHF CITIC Securities Company Limited |
- -% | 3.50 | 12.33 | 7.94 | 0.69 | 1.13 | 7.69 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on May 1, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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