Circle Internet Group (NYSE: CRCL) posted its first quarterly results as a public company, sending shares up more than 7% in early trading.
Let’s take a look at the highlights:
- Revenue: $658M for Q2 2025, up 53% YoY
- USDC Circulation: $61.3B at quarter-end, up 90% YoY
- Business Model: Circle earns most of its revenue from investing USDC reserves in short-term U.S. Treasuries, similar to how banks manage deposits
- Net Loss: $482M, largely due to IPO-related noncash charges like stock-based compensation
- Stock Performance: IPO in June at $31 per share; shares surged 750% by the end of June and are now hovering around $163 after today’s bump
Circle’s strong revenue growth underscores the rising adoption of USDC and the profitability of stablecoin reserve management—though large IPO-related costs kept the company in the red this quarter.
In the Prime Unicorn Index
Circle is one of the largest components of the Prime Unicorn Index, with its market cap buoyed by USDC’s rapid growth and investor enthusiasm since the IPO. The company’s recent performance reinforces its position as a leading driver of the Prime Unicorn 30, though share price volatility has also been a factor in recent weeks.
