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Dolphin ResearchFeb 25 at 08:33 AM
CRCL: Results Push Back at Bears — Can the First Stablecoin Stock Stay Steady? ---
On Feb 25 pre-market (ET), stablecoin USDC issuer $Circle(CRCL.US) released Q4 2025 results. The biggest driver, interest income on reserve assets, is fairly transparent given public USDC market cap and Fed rate levels.
While Circle's share-price moves are not tied to earnings, the filing still offers useful signals. By tracking other revenue and take-rate mix, Opex, and guidance, we can gauge shifts in its ecosystem build-out and operating efficiency. That, in turn, helps assess management's strategic vision and execution...
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CircleFinancial Analysis
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Dolphin ResearchNov 12, 2025 at 11:31 AM
Circle (Minutes): The Ecological Network is More Important than Commercialization
The following are the Minutes of the $Circle (CRCL.US) FY25 Q3 earnings call. For a quick interpretation, you can simply review the Quick Interpretation of the financial report. 1. Financial Core Data Review: (1) Performance Overview: USDC circulation reached $73.7 billion, a year-on-year increase of 108%; on-chain transaction volume was $9.6 trillion, a year-on-year increase of 580%. (2) Profitability: Total revenue and reserve earnings were $740 million, a year-on-year increase of 66%; Adjusted EBITDA was $166 million, a year-on-year increase of 78%. The profit margin reached 57%...
CircleConference Minutes