+5.77% to $85.09 from $80.45
What moved CRCL
- The SEC’s five-year conditional exemption for tokenized securities venues was seen as a direct benefit to stablecoin and crypto-infrastructure companies including Circle
- Under the SEC framework, tokenized shares must carry the same rights as underlying stock, including dividends and voting rights
- Circle shares gained roughly 5.7% in Thursday trading as the stock rallied alongside Coinbase and Robinhood
Sources: Coindesk · TipRanks
-0.30% to $87.72 from $87.98
What moved CRCL
- Bernstein reiterated its Outperform rating and $140 price target on Circle, arguing the stablecoin issuer’s growth cycle doesn’t depend on the CLARITY Act passing.
- Bernstein’s analysts pointed to growing stablecoin payment adoption and AI-driven payments settling in USDC as continuing growth drivers.
- Susquehanna flagged rising competition in the stablecoin market as a watch point heading into September.
- Shares moved with a broader rally in crypto-linked stocks tied to bitcoin’s advance.
Sources: The Block · Stocktwits
+0.05% to $63.28 from $63.25
What moved CRCL
- Q2 revenue and reserve income of $701 million rose 7% year-over-year but missed the $717 million estimate; EPS of $0.18 beat the $0.17 consensus.
- USDC in circulation fell to $73.3 billion in the second quarter from $77 billion in the first quarter, a sequential decline flagged by analysts.
- Mizuho maintained a bearish rating on the stock, citing competition from the newly formed Open USD stablecoin consortium backed by BlackRock, Coinbase, Mastercard, Stripe and Visa.
- Adjusted EBITDA margin fell 329 basis points year-over-year.
Sources: Circle press release · TIKR.com · Benzinga