Key Takeaways
- Circle (CRCL) shares have climbed 115% over the last 30 days, now trading near $132
- Fourth-quarter revenue and reserve income reached $770M, reflecting a 77% annual increase; adjusted operating profits soared 412%
- CEO Jeremy Allaire believes “the Street is starting to get us,” signaling improved Wall Street comprehension of Circle’s position in financial infrastructure
- Bernstein maintains an Outperform rating with a $190 target price, highlighting “strong evidence” of expanding stablecoin usage worldwide
- Clear Street lifted its price target to $152 from $136, describing Circle as a “trusted, regulatory-compliant infrastructure layer”
Circle Internet Group (CRCL) has emerged as one of 2026’s most impressive equity stories, with shares rocketing 115% higher in just one month to approximately $132. That marks more than a four-fold increase from its June 2025 initial public offering price.
During an appearance at the Economic Club of New York on Tuesday, CEO Jeremy Allaire suggested that market participants are beginning to truly grasp Circle’s business model. “The Street is starting to get us,” Allaire remarked.
Allaire’s message is clear: Circle represents far more than a cryptocurrency bet. The company is establishing itself as essential infrastructure for an evolving global financial ecosystem.
The fourth-quarter performance backs up this optimism. Revenue and reserve income totaled $770 million, marking a 77% jump from the same period last year. Adjusted operating profits expanded by an eye-popping 412% year over year.
Circle generates the bulk of its revenue from interest earned on short-term US Treasury securities that collateralize its USDC stablecoin. As USDC circulation expands, this revenue channel grows proportionally.
Wall Street Upgrades and Target Increases
Bernstein’s Gautam Chhugani reaffirmed his Outperform stance on Wednesday while maintaining a $190 price objective. Such a level would represent approximately 43% upside from current prices.
Chhugani pointed to “strong evidence” indicating accelerating worldwide stablecoin adoption, with consumer-to-business transaction volume jumping 131% annually. Stablecoin-enabled Visa card transactions now represent 24% of tagged payment value.
He also highlighted a development that long-term investors have anticipated: Circle’s stock is beginning to trade independently of cryptocurrency market movements, driven increasingly by company-specific fundamentals.
Separately, Clear Street boosted its CRCL price objective to $152 from $136 while maintaining its Buy recommendation. The revision accompanied analysis of Mastercard’s $1.8 billion BVNK acquisition, which Clear Street characterized as a “defensive move by an incumbent” responding to blockchain’s expanding influence.
Clear Street described the transaction as confirmation that blockchain technology represents a “faster, cheaper, global, and 24×7 next-generation rail.” The firm stated the development made it “incrementally more confident” in Circle as a compliant infrastructure provider.
Arc Blockchain and Strategic Alliances
Last autumn, Circle unveiled Arc, an open Layer 1 blockchain engineered to facilitate increased economic activity on-chain. The initiative has already secured participation from BlackRock, Visa, and Amazon Web Services.
In December, Circle finalized a multi-year agreement with Intuit, the parent company of TurboTax, to support next-generation financial products using its stablecoin infrastructure.
The GENIUS Act, enacted by President Trump, has provided additional momentum. This legislation creates a regulatory structure for digital tokens collateralized by assets such as the US dollar, offering companies like Circle greater operational clarity.
Circle’s shares remain substantially below the nearly $300 all-time peak achieved in late 2025. Clear Street’s updated $152 target sits roughly 14% above present trading levels.
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