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]

Core Viewpoint - Circle (CRCL.US) has experienced a decline of over 4%, trading at $154.57, with its stock price adjusting since July 18. Analysts suggest that while Circle holds a leading position in the compliant stablecoin market, the onset of a Federal Reserve rate-cutting cycle may significantly impact its profitability, potentially halving its earnings due to falling U.S. Treasury yields [1]. Group 1 - Circle's stock price has been in a downward trend since July 18, indicating market adjustments [1]. - The Federal Reserve's shift to a rate-cutting cycle could lead to U.S. Treasury yields dropping to 2% or lower, which would adversely affect Circle's profits [1]. - The entry of traditional financial institutions and the emergence of competitors offering interest on stablecoin holdings pose challenges to Circle's current "no-interest financing" model, risking its market share in the compliant stablecoin sector [1]. Group 2 - Circle's only revenue source is reserve fund income, which may not be sufficient to support a higher market valuation amidst increasing competition [1].

近期的美股市场在美国设计软件公司Figma、稳定币发行商Circle Internet Group、云计算人工智能公司Core Weave等公司的助推下掀起了一股IPO浪潮。 这不由让人想起了2021年时的盛况：当时市场四处弥散着热钱，美股扎堆上市。但随着疫情影响、美联储加息，市场逐渐收紧。美股IPO市场已沉寂许 久。 市场进入"关税倦怠期" 自2022年利率上升促使市场戳破高估值神话以来，美股IPO市场一直萎靡不振。但随着企业开始接受较为温和的估值，IPO活动已回暖。 7月31日，Figma的"强势出道"创下今年最大体量的IPO之一。市场人士称，市场对Figma股票的需求达到了多年未见的狂热程度。 在该公司的路演期间，市场就显示出极大的热情：潜在投资者对Figma股票的下单量巨大，以至于该公司及其承销商上周早些时候将发行价指导区间从每 股25美元—28美元上调至30美元—32美元。 上市当天，该股开盘报85美元，是其IPO发行价的两倍多，开始交易后不久，该公司就因波动而暂时停牌。当天该股收报115.50美元，是其发行价的三倍 多。当地时间8月4日，该股股价达到122美元。 Circle Internet G ...

Core Viewpoint - The majority of Bitcoin-related stocks experienced an upward trend on Monday, indicating positive market sentiment towards the cryptocurrency sector [1] Company Performance - Coinbase (COIN.US) saw an increase of 0.58% - Strategy (MSTR.US) rose by over 2.4% - Bit Origin (BTOG.US) increased by more than 5.7% - SharpLink Gaming (SBET.US) surged by over 12% - GameSquare (GAME.US) jumped by over 13% - Circle (CRCL.US) declined by more than 4% [1]

Core Viewpoint - The majority of Bitcoin-related stocks experienced an upward trend on Monday, indicating positive market sentiment towards the cryptocurrency sector [1] Company Performance - Coinbase (COIN.US) saw an increase of 0.58% [1] - MicroStrategy (MSTR.US) rose by over 2.4% [1] - Bit Origin (BTOG.US) increased by over 5.7% [1] - SharpLink Gaming (SBET.US) surged by over 12% [1] - GameSquare (GAME.US) jumped by over 13% [1] - Circle (CRCL.US) declined by over 4% [1]

Group 1 - Renaissance Capital offers pre-IPO research services to institutional investors and investment banks [1] - The firm manages two IPO-focused funds: Renaissance IPO ETF (NYSE: IPO) and Renaissance International IPO ETF (NYSE: IPOS) [1] - Individual investors can access a free overview of the IPO market on Renaissance Capital's website [1] Group 2 - The pre-IPO research service provides independent opinions, in-depth fundamental analysis, and customizable financial models on all IPOs [1]