Circle Internet Group (CRCL): A Bear Case Theory

We came across a bearish thesis on Circle Internet Group on Just Value’s Substack. In this article, we will summarize the bears’ thesis on CRCL. Circle Internet Group's share was trading at $83.46 as of January 13th. CRCL’s forward P/E was 84.03 according to Yahoo Finance. Circle Internet Group, Inc. operates as a platform, network, and market infrastructure for stablecoin and blockchain applications. CRCL illustrates the dilemma facing a listed fintech whose financial performance hinges more on macro fo ...