CRCL US · Circle Internet Group, Inc. Class AMW GOBLIN RESEARCH
Circle (CRCL) — Focus on Revenue After Distribution Costs, Not Growth
Analysis date
Published
Neutral. The analysis date is 2026-09-30. USDC growth and easing distribution cost burdens are positive, but at $83.94, growth far exceeding current earnings is required. It remains to be seen whether recurring fees increase after Arc’s launch and reduce interest rate dependence.
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Read the full reportWhat this report covers
- What the Company Keeps Matters More Than Circulation Growth
- Distinguish Arc Presales from Recurring Revenue