Market Overview - US stock index futures are all down before the market opens, with Dow futures down 0.05%, S&P 500 futures down 0.07%, and Nasdaq futures down 0.06% [1] - The German DAX index is down 0.49%, while the UK FTSE 100 is up 0.07%, and the French CAC40 is up 0.10% [2][3] - WTI crude oil is down 0.69% at $63.52 per barrel, and Brent crude oil is down 0.51% at $66.29 per barrel [3][4] Economic Data and Inflation - The US July Consumer Price Index (CPI) is set to be released, with expectations of a year-on-year increase of 2.8%, up from 2.7% in June [4][5] - Core CPI, excluding food and energy, is expected to rise to 3.0% year-on-year, indicating persistent inflation pressures [4][5] Corporate Earnings and Stock Buybacks - US companies are projected to repurchase over $1.1 trillion in stock this year, with $983.6 billion already announced [6] - Major companies leading the buyback trend include Apple, Alphabet, JPMorgan Chase, Bank of America, and Morgan Stanley [6] Federal Reserve and Interest Rates - There is speculation that the Federal Reserve may cut interest rates twice by 25 basis points this year, with some investors betting on a 50 basis point cut in September [5] - The selection process for the next Federal Reserve Chair is intensifying, with candidates including Michelle Bowman, Philip Jefferson, and Lori Logan [7] Trade Policies and Tariffs - Goldman Sachs warns that 70% of the costs from tariffs imposed by President Trump are being passed on to US consumers, with the burden expected to increase [7] - The US and China have agreed to pause the implementation of 24% tariffs for 90 days, while retaining 10% tariffs on certain goods [8] Company-Specific News - Sea Ltd reported Q2 revenue of $5.26 billion, a 38.2% year-on-year increase, driven by strong performance in e-commerce and digital financial services [9] - Circle's Q2 revenue increased by 53% to $658 million, with a net loss of $482 million primarily due to IPO-related expenses [10] - Smithfield Foods reported a Q2 sales increase of 11% to $3.79 billion, driven by strong demand for packaged meat products [11] - Tencent Music's Q2 revenue grew by 17.9% to 8.44 billion yuan, with online music service revenue increasing by 26.4% [12] - Pony.ai's Q2 revenue surged by 75.9% to 215 million USD, with a significant increase in Robotaxi passenger fare income [13] - Yalla Technology's Q2 revenue was $84.6 million, slightly below expectations, with a 7% decline in paid user numbers [14] Regulatory and Legal Developments - Elon Musk has criticized Apple for allegedly favoring OpenAI in the App Store, indicating potential legal action [15] - President Trump is considering allowing Nvidia and AMD to export downgraded AI chips to China, with a 15% revenue share for the US government [16]

格隆汇8月12日｜"稳定币第一股"Circle(CRCL.US)盘前直线拉升，一度涨超8%。业绩面上，Circle第二 季度营收6.58亿美元，同比增长53%；净亏损为4.82亿美元。 ...

Circle Q2 2025 Earnings Release [Performance Highlights](index=1&type=section&id=Performance%20Highlights) Circle's Q2 2025 saw strong USDC circulation and revenue growth, offset by an IPO-related net loss, alongside key strategic launches Q2 2025 Key Financial Metrics | Metric | Q2 2025 Value | Year-over-Year Change | | :--- | :--- | :--- | | USDC in Circulation | $61.3 billion | +90% | | Total Revenue and Reserve Income | $658 million | +53% | | Net Loss | $(482) million | - | | Adjusted EBITDA | $126 million | +52% | - The reported net loss of **$482 million** was significantly impacted by **$591 million** in non-cash charges related to the company's IPO. These charges consisted of **$424 million** for stock-based compensation and a **$167 million** increase in the fair value of convertible debt[5](index=5&type=chunk) - CEO Jeremy Allaire emphasized the successful IPO as a pivotal moment for both Circle and the broader adoption of stablecoins, noting accelerating interest from partners in the financial and internet sectors[4](index=4&type=chunk) - Key corporate developments include a successful **$1.2 billion IPO**, the launch of the Circle Payments Network, and the introduction of Arc, an open Layer-1 blockchain for stablecoin finance[5](index=5&type=chunk)[6](index=6&type=chunk) [Financial Results and Operating Indicators](index=2&type=section&id=Financial%20Results%20and%20Operating%20Indicators) Q2 2025 revenue grew **53%** to **$658 million**, with USDC circulation up **90%**, but a **$482 million** net loss was driven by IPO expenses [Key Financial Results and Operating Indicators Table](index=2&type=section&id=Key%20Financial%20Results%20and%20Operating%20Indicators%20Table) Q2 2025 Financial Results vs. Q2 2024 | Key Financial Results | Q2 2025 | YoY Change | | :--- | :--- | :--- | | Total Revenue and Reserve Income | $658M | 53% | | Revenue Less Distribution Costs (RLDC) | $251M | 38% | | RLDC Margin | 38% | (408bps) | | Net Income (Loss) | $(482)M | NM | | Adjusted EBITDA | $126M | 52% | | Adjusted EBITDA Margin | 50% | 463bps | Q2 2025 Key Operating Indicators vs. Q2 2024 | Key Operating Indicators | Q2 2025 | YoY Change | | :--- | :--- | :--- | | USDC in Circulation (end of period) | $61.3B | 90% | | Average USDC in Circulation | $61.0B | 86% | | Reserve Return Rate | 4.1% | (103bps) | | Stablecoin Market Share (end of period) | 28% | 595bps | | Meaningful Wallets (end of period) | 5.7M | 68% | [Detailed Financial Performance](index=3&type=section&id=Detailed%20Financial%20Performance) Reserve Income grew **50%** to **$634 million** from **86%** higher USDC circulation, with operating expenses including **$424 million** in IPO stock-based compensation - Reserve Income increased **50%** YoY to **$634 million**, primarily due to an **86%** growth in average USDC circulation, which was partially offset by a **103 bps** decline in the reserve return rate[10](index=10&type=chunk) - Other Revenue grew significantly by **252%** YoY to **$24 million**, driven by strong growth in Subscription and Services Revenue and Transaction Revenue[10](index=10&type=chunk) - Total Distribution, Transaction and Other Costs rose **64%** YoY to **$407 million**, mainly due to increased distribution payments tied to higher USDC circulation and new strategic partnerships[10](index=10&type=chunk) - Operating Expenses were **$577 million**, which includes a substantial **$424 million** in stock-based compensation expenses related to the vesting of RSUs upon the IPO[10](index=10&type=chunk) [Corporate & Commercial Highlights](index=2&type=section&id=Corporate%20%26%20Commercial%20Highlights) Circle completed a **$1.2 billion IPO**, launched CPN and Arc blockchain, expanded partnerships, and strengthened its regulated stablecoin position via the GENIUS Act [Initial Public Offering (IPO)](index=2&type=section&id=Initial%20Public%20Offering%20(IPO)) Circle completed a **$1.2 billion IPO** in June, selling **19.9 million shares** at **$31** for **$583 million** net proceeds - In June, Circle completed a **$1.2 billion** initial public offering. The company sold **19.9 million** new shares at **$31** per share, resulting in net proceeds of **$583 million** after underwriting discounts and before offering costs[6](index=6&type=chunk) [Strategic Initiatives and Partnerships](index=3&type=section&id=Strategic%20Initiatives%20and%20Partnerships) Circle launched the Circle Payments Network and Arc blockchain, showing strong momentum with **100+ institutions** and expanded strategic industry partnerships - The Circle Payments Network (CPN), launched in May, shows strong early momentum with **100+ financial institutions** in the pipeline and plans for expansion in H2 2025[10](index=10&type=chunk) - Circle introduced Arc, an open Layer-1 blockchain designed for stablecoin payments, FX, and capital markets, featuring USDC as the native gas token. A public testnet is expected in the fall[14](index=14&type=chunk) - The company announced new or expanded strategic partnerships with key industry players including Binance, Corpay, FIS, Fiserv, and OKX to broaden USDC adoption and integration[10](index=10&type=chunk)[14](index=14&type=chunk) [Regulatory Developments](index=3&type=section&id=Regulatory%20Developments) The GENIUS Act established a federal regulatory framework for payment stablecoins, strengthening Circle's position as a leading regulated issuer - The GENIUS Act was signed into law, establishing a federal regulatory framework for payment stablecoins. This development is seen as strengthening Circle's position as a leading regulated issuer, as the act codifies many of Circle's long-standing compliance practices[10](index=10&type=chunk) [Forward Outlook](index=4&type=section&id=Forward%20Outlook) Circle projects a multi-year **40% CAGR** for USDC circulation, with FY 2025 guidance for Other Revenue at **$75-$85 million** and Adjusted Operating Expenses at **$475-$490 million** Company Guidance | Key Indicator | Period | Outlook | | :--- | :--- | :--- | | USDC in Circulation | Multi-year through cycle | 40% CAGR | | Other Revenue | FY 2025 | $75-$85M | | RLDC Margin | FY 2025 | 36-38% | | Adjusted Operating Expenses | FY 2025 | $475-490M | [Financial Statements](index=8&type=section&id=Financial%20Statements) Total assets reached **$64.2 billion** by June 30, 2025, driven by stablecoin holdings, with Q2 2025 reporting a **$482.1 million net loss** due to **$503.4 million** in IPO compensation expense [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to **$64.15 billion** by June 30, 2025, driven by cash for stablecoin holders, with total liabilities at **$61.78 billion** Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$64,153,508** | **$45,834,409** | | Cash and cash equivalents segregated for stablecoin holders | $61,365,920 | $43,918,572 | | **Total Liabilities** | **$61,782,677** | **$44,124,115** | | Deposits from stablecoin holders | $61,101,523 | $43,727,363 | | **Total Stockholders' Equity** | **$2,370,831** | **$570,529** | [Condensed Consolidated Statements of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 total revenue was **$658.1 million**, but a **$482.1 million net loss** resulted from **$503.4 million** in compensation expenses, contrasting with Q2 2024's net income Statement of Operations Summary - Three Months Ended June 30 (in thousands) | Account | 2025 | 2024 | | :--- | :--- | :--- | | Total revenue and reserve income | $658,078 | $430,030 | | Total distribution, transaction and other costs | $406,942 | $248,377 | | Total operating expenses | $576,718 | $131,407 | | *Compensation expenses* | *$503,392* | *$67,604* | | Operating income (loss) | $(325,582) | $50,246 | | **Net income (loss)** | **$(482,100)** | **$32,923** | | Earnings (loss) per share, basic and diluted | $(4.48) | $0.00 | [Quarterly Results of Operations](index=11&type=section&id=Quarterly%20Results%20of%20Operations) Quarterly revenue and reserve income trended upward, reaching **$658 million** in Q2 2025, with RLDC at **$251 million** and a **38% RLDC Margin** Quarterly Revenue and Margin Trend (in millions) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenue and Reserve Income | $658 | $579 | $435 | $446 | $430 | | RLDC | $251 | $231 | $131 | $188 | $182 | | RLDC Margin | 38% | 40% | 30% | 42% | 42% | [Non-GAAP Financial Measures and Reconciliations](index=12&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) Circle uses non-GAAP measures; Q2 2025 Adjusted EBITDA was **$125.8 million**, reconciled from a **$482.1 million net loss** by excluding **$435.0 million** in stock-based compensation [Reconciliation of Adjusted EBITDA to Net Income](index=13&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA%20to%20Net%20Income) Q2 2025 Adjusted EBITDA was **$125.8 million**, reconciled from a **$482.1 million net loss** by adding back **$435.0 million** in stock-based compensation and **$167.7 million** in fair value changes Q2 2025 Adjusted EBITDA Reconciliation (in thousands) | Line Item | Amount | | :--- | :--- | | Net income (loss) from continuing operations | $(482,100) | | Stock-based compensation expense | $434,966 | | Change in fair value of convertible debt, etc. | $167,724 | | Other adjustments (Depreciation, taxes, etc.) | $5,243 | | **Adjusted EBITDA** | **$125,833** | [Reconciliation of Adjusted Operating Expenses to Operating Expenses](index=14&type=section&id=Reconciliation%20of%20Adjusted%20Operating%20Expenses%20to%20Operating%20Expenses) Q2 2025 Adjusted Operating Expenses were **$128.2 million**, derived from **$576.7 million** in GAAP operating expenses by excluding **$435.0 million** in stock-based compensation and other non-cash items Q2 2025 Adjusted Operating Expenses Reconciliation (in thousands) | Line Item | Amount | | :--- | :--- | | Operating expenses | $576,718 | | Less: Stock-based compensation expense | $(434,966) | | Less: Depreciation and amortization expense | $(14,209) | | Less: Digital asset (gains) losses | $693 | | **Adjusted Operating Expenses** | **$128,236** | FY 2025 Forward Outlook Reconciliation for Adjusted Operating Expenses (in millions) | Line Item | Low | High | | :--- | :--- | :--- | | Operating expenses | $1,150 | $1,190 | | Less: Stock-based compensation expense | $(556) | $(571) | | Less: Depreciation and amortization | $(70) | $(80) | | Less: Other adjustments | $(49) | $(49) | | **Adjusted Operating Expenses** | **$475** | **$490** |

Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period. Considering buying CRCL stock? Here's what analysts think: Circle Internet Group CRCL will release earnings results for the second quarter before the opening bell on Tuesday, Aug. 12. Analysts expect the New York-based company to report quarterly earnings at 34 cents per share. Circle Internet projects to report quarterly revenue of $644.72 million, according to data from Benzinga Pro. On Aug. 6, Corpay a ...

稳定币发行商Circle(CRCL.US)自6月首次公开募股以来其业务发展迅猛。该公司将于周二首次公布上市 后的季度业绩报告。数据显示，华尔街预计Circle在开盘前发布的第二季度财报将出现亏损。市场普遍 预期其调整后每股亏损0.08美元，营收为6.47亿美元。该股票自其每股31美元的首次公开募股价格以来 已上涨超过400%。这是因为美国有利于加密货币的立法措施推动了该行业的发展。 然而，华尔街的另一些人则认为，这只股票能让投资者参与到人们对稳定币日益高涨的热情之中。 Seaport Research分析师Jeff Cantwell上个月写道："Circle是稳定币领域的全球领军企业，目前在公开市 场上的稳定币业务最为纯粹。我们预计随着该公司为自身及其合作伙伴创造更多机会，其股价还将进一 步上涨。"该分析师对该股票给予"买入"评级，并设定目标价格为280美元。 在美国法案获得通过后，投资者将会关注美元稳定币的流通量以及稳定币的市场份额的变化。该法案为 以美元等资产为支撑的数字代币制定了监管框架和相关规则。 Circle公司的主要收入来源是利息收入——具体来说就是来自为其稳定币(USDC，即USDC对美元的兑 ...

智通财经APP获悉，稳定币发行商Circle(CRCL.US)自 6 月首次公开募股以来其业务发展迅猛。该公司 将于周二首次公布上市后的季度业绩报告。数据显示，华尔街预计 Circle 在开盘前发布的第二季度财报 将出现亏损。市场普遍预期其调整后每股亏损 0.08 美元，营收为 6.47 亿美元。该股票自其每股 31 美元 的首次公开募股价格以来已上涨超过 400%。这是因为美国有利于加密货币的立法措施推动了该行业的 发展。 该公司通过管理稳定币相关储备所获得的收入从 2022 年的 7.359 亿美元增长至 2023 年的 14 亿美元， 再到 2024 年的 17 亿美元。这分别占了 Circle 经常性业务总收入的 95.3%、98.6% 和 99.1%。Circle 还 会将部分收益与 Coinbase(COIN.US)进行分配，后者是其重要的合作伙伴。 上个月，华尔街的分析师们指出，在今年下半年，这家热门公司的业务将面临诸多风险，其中包括分销 成本的上升。 Compass Point分析师Ed Engel写道："在未来几个月里，我们预计 Circle 将扩大其分销网络，并在利息 收入分配中占据更大的 ...

Core Viewpoint - The IPO market is experiencing a significant rebound in Q3 2025 after a subdued first half, with companies like Circle Internet Group Inc. and CoreWeave Inc. exceeding expectations upon their public debut [1][4]. Factors Contributing to IPO Rebound - The IPO market was previously subdued due to a poor macro-environment and private companies staying private longer than historical norms [2][3]. - Companies are now averaging nearly 11 years of being private before going public, an increase from the seven-year average in 2014 [3]. - Only 84 IPOs were issued in the first half of 2025, down from over 100 in the same period last year [4]. Recent IPO Performances - Figma Inc. had a remarkable IPO debut, opening at $33 and reaching $115 by the end of the first day, marking a gain of over 200% from the opening price [6][9]. - Figma reported over 13 million active users and $228 million in revenue for Q1 2025, reflecting a 46% year-over-year increase, with a net income of $44.9 million [7]. - MNTN Inc. reported $68.46 million in revenue for its first earnings release as a public company, representing a 25% year-over-year increase [13]. Investor Sentiment and Market Trends - There is a strong demand for IPOs, with nine out of 16 IPOs raising over $50 million occurring in June 2025 [8]. - The sectors driving this demand include artificial intelligence and crypto-related businesses, as evidenced by the strong performances of CoreWeave and Circle [8]. - Anticipation of accommodative monetary policy from the Federal Reserve could further stimulate the IPO market [8].

Core Insights - Circle (CRCL) is scheduled to report its second-quarter 2025 results on August 12, marking its first earnings call since going public on June 5, 2025 [1][11] Company Overview - Circle offers USDC, a stablecoin redeemable on a one-for-one basis for US dollars, and EURC, both of which are backed by highly liquid cash reserves [2] - USDC has facilitated over $25 trillion in onchain transactions since its launch in 2018, holding a 24% market share of stablecoins as of December 31, 2024 [5][11] - Circle's services include Circle Mint, which caters to institutional clients and supports international and domestic transfers in over 185 countries, with 1,819 customers as of December 31, 2024 [6] Financial Expectations - The Zacks Consensus Estimate for Circle's second-quarter revenues is $645.4 million, with earnings expected at 29 cents per share [3] - Circle currently has an Earnings ESP of 0.00% and a Zacks Rank of 3, indicating a neutral outlook for earnings performance [9] Market Position and Competition - Circle faces competition from established players like Coinbase, PayPal, and Fiserv, with Coinbase recently partnering with Shopify to enable USDC payments [8] - Circle Wallet has gained traction, with over 11,000 developers deploying nearly 10 million wallets onchain, and is utilized by Grab Networks in Southeast Asia [7]

Group 1 - Circle Internet Group's stock (NYSE: CRCL) has experienced significant volatility since its IPO in early June, with share prices ranging from $31 to nearly $300 [1] - The company has attracted attention due to its dramatic price fluctuations, indicating a high level of investor interest and market speculation [1] Group 2 - The article emphasizes the importance of fundamental analysis in making informed investment decisions, highlighting the balance between risk and reward [1] - The author aims to provide accessible insights for investors of all experience levels, particularly in the technology sector, while also exploring diverse economic opportunities [1]

Core Viewpoint - Circle's stock has been in a downward trend since July 18, with a drop of over 4% to $154.57, raising concerns about its profitability amid changing market conditions [1] Group 1: Market Position and Competition - Circle has established itself as a leader in the compliant stablecoin sector, which could allow it to capture a larger market share as the industry expands [1] - The entry of traditional financial institutions and the emergence of competitors offering interest on stablecoin holdings pose significant challenges to Circle's business model [1] Group 2: Financial Performance and Risks - The Federal Reserve's shift to a rate-cutting cycle may lead to U.S. Treasury yields dropping to 2% or lower, which could halve Circle's profits [1] - Circle's reliance on reserve income as its sole revenue stream raises concerns about its ability to sustain a higher market valuation [1]