Circle jumps after beating on revenue in its first earnings report

Circle reported earnings for the first time since its IPO before the bell.

8/12/25 6:45AM

Circle, which had a mammoth IPO in June, released its first earnings report as a public company, beating analysts’ revenue estimates but missing on earnings-per-share estimates.

The stock jumped over 6% in premarket trading.

The stablecoin giant’s revenue for the quarter was $658 million, a 53% increase from $430 million a year ago and above analysts’ expectations of $646 million, according to FactSet. Meanwhile, adjusted earnings per share stood at a loss of $4.48, well above analysts’ predictions of a loss of $0.97.

Circle issues USDC, a stablecoin pegged to the US dollar that has a $65 billion market cap and is the second-largest stablecoin. Its circulation “grew 90% year-over-year to $61.3 billion at quarter end, and has grown an additional 6.4% to $65.2 billion as of August 10, 2025,” per the earnings report.

Management offered guidance that USDC in circulation would grow at a compounded annual growth rate of 40% over a “multi-year through cycle.”

“Circle’s successful IPO in June marked a pivotal moment — not just for our company, but for the broader adoption of stablecoins and the growth of the new internet financial system,” Jeremy Allaire, Circle’s CEO, cofounder, and chairman, said in the release.

The company’s stock skyrocketed after the Senate passed the GENIUS Act on July 17, which aims to provide a regulatory framework for stablecoins.

“Regulatory clarity bodes well for stablecoins, and we’re seeing that impact in Circle’s earnings report. This certainty legitimizes stablecoins as serious financial instruments. By establishing clear rules, the GENIUS Act paves the way for a wider adoption in traditional finance,” Rebecca Liao, cofounder and CEO of Saga, told Sherwood News.

Sage D. Young

Fidelity and Canary Capital roll out spot solana ETFs, joining Bitwise, Grayscale, and VanEck

The price of solana is trading around $140, more than 50% away from its all-time high set in January.

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Painvember is real — the crypto market has lost more than $1 trillion in overall market cap since early October and now sits at $3.2 trillion, down from $4.3 trillion on October 6, when bitcoin hit its all-time high.

Bitcoin dipped below $90,000 for the first time since April late Monday night. The asset is roughly flat from one year ago, shortly after the US presidential election.

“The longer bitcoin stays under $100k, the more the sense of imminent doom intensifies. But amid all this panic, there are reasons to be optimistic. We’ve seen BTC ETF ownership jump from 20% to 28% this year, institutional demand remains high, and the biggest Bitcoin whale — Michael Saylor — has just scooped up more BTC,” Nic Puckrin, cofounder of Coin Bureau, told Sherwood News.

The Bitcoin Fear and Greed Index is now at 11, reflecting “extreme fear.”
Bitcoin ETFs saw $254.51 million in outflows on Monday, bringing total outflows to $2.59 billion in November. BlackRock’s iShares Bitcoin Trust, the most successful bitcoin ETF, saw a whopping $1.26 billion exit its fund so far this month.
Meanwhile, ethereum ETFs suffered $182.8 million in outflows — $1.42 billion so far this month, according to SoSoValue.
Crypto liquidations reached $801 million in the past 24 hours, Coinglass data shows. Bitcoin suffered $433 million in liquidations, with the bulk of them — $390.89 million — in long positions.

“Bitcoin and crypto are trading much more like classic risk assets right now. Everything is moving with broader risk sentiment and growing anxiety around credit,” Greg Magadini, director of derivatives at Amberdata, told Sherwood.

Sage D. Young

11/17/25

Ethereum ETFs in US on track for highest monthly outflow, while nascent solana ETFs only have inflows

Despite the outflows for ethereum and inflows for solana, both cryptocurrencies are down in November.