Circle Internet Group (CRCL) Stock

Circle Internet Group (CRCL) is a Financials stock trading at $83.92 (as of 2026-08-20), with a market capitalization of $22.54B and a trailing P/E of 60.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Circle Internet Group operates a platform and network infrastructure for stablecoin and blockchain applications, including U.S. dollar–denominated stablecoins and related services. It provides tools for organizations and developers, such as a utility/application layer, tokenized funds and liquidity, payments, and integration services.

Understand Circle Internet Group: how it makes money

Circle operates a stablecoin and blockchain network platform, it issues a U.S. dollar-denominated stablecoin (USDC) and provides network, payments, and developer services, it makes money through net revenue after distribution costs, plus other revenue, subscription and services revenue, and transaction revenue tied to stablecoin activity.

Circle's profit model is structurally linked to the scale and usage of its stablecoin network, as reflected by net revenue after distribution costs and operating KPIs such as USDC in circulation and on-chain transaction volume using USDC.

Business quality (Mixed): Operating margin and a set of stablecoin/network KPIs are provided, but the revenue breakdown by the available categories does not sum cleanly to total revenue, so a mutually exclusive segment table cannot be built from the supplied data.

Bull case

  • Stablecoin network scale signals ongoing usage of USDC: USDC in circulation (average) is 75.2 USD_B, and meaningful wallets are 7200000.
  • Platform reach spans multiple chains and includes institutional onboarding targets: Stablecoin network supported chains are 28, and Circle Pay Network pipeline financial institutions seeking to join is 500.

Bear case

  • Net profitability can be pressured by distribution costs and transaction economics: The available revenue categories emphasize 'Revenue less distribution costs' and include small transaction revenue, so changes in distribution and transaction drivers can matter to net results.
  • Business activity indicators can be volatile: USDC minted and USDC redeemed are both large in absolute terms (73.0 and 72.0 USD_B), so if minting, redemption, or on-chain transaction volume using USDC slows, activity-linked revenue could weaken.
Valuation — source: SEC EDGAR (first-party)
Price$83.92
Market Cap$22.54B
P/E Ratio60.4
EV / EBITDA-170.8
Price / Book6.42
Price / Sales7.97
FCF Yield3.7%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$2.75B
Net Margin-2.5%
Revenue Growth (YoY)63.9%
EPS Growth (YoY)-233.3%
FCF Growth (YoY)62.3%
Financial Health — source: SEC EDGAR
Altman Z-Score0.15 (distress)
Valuation vs Sector & Industry
Stock P/E60.4
Sector P/E (Financials)15.1
Industry P/E (Banking)12.9
vs Sector299.2%
vs Industry367.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderIDG China Capital Fund III Associates L.P. ($859.04M)
Institutional Holders Tracked10
Congressional Trades (recent)1
Company
SectorFinancials
IndustryBanking
CEOJeremy D. Allaire
Employees900
CountryUS
IPO Date2025-06-04

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CRCL earnings history · CRCL institutional & insider holders · CRCL KPIs & operating metrics · CRCL financials · CRCL investor presentations & press releases · CRCL SEC filings · CRCL peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.