TLDR
- Circle (CRCL) stock is up 115% in the past month, trading around $132
- Q4 revenue and reserve income hit $770M, up 77% year over year; adjusted operating profits jumped 412%
- CEO Jeremy Allaire says “the Street is starting to get us,” pointing to growing investor understanding of Circle’s role in global finance
- Bernstein analyst reiterated an Outperform rating with a $190 price target, citing “strong evidence” of rising global stablecoin adoption
- Clear Street raised its price target to $152 from $136, calling Circle a “trusted, regulatory-compliant infrastructure layer”
Circle Internet Group (CRCL) has been one of the standout performers of 2026, with the stock surging 115% over the past month to around $132. That’s more than four times its original IPO price from June 2025.
CEO Jeremy Allaire spoke at the Economic Club of New York on Tuesday, saying investors are finally understanding what Circle actually is. “The Street is starting to get us,” he said.
Allaire’s pitch is straightforward: Circle isn’t just a crypto play. It’s positioning itself as core infrastructure for a modernised global financial system.
The company’s Q4 numbers support the confidence. Revenue and reserve income came in at $770 million, up 77% year over year. Adjusted operating profits grew 412% from the prior year.
Circle makes most of its money from interest income on the short-term US Treasury bills that back its stablecoin, USDC. As USDC usage grows, so does that income stream.
Analyst Upgrades and Price Targets
Bernstein analyst Gautam Chhugani reiterated an Outperform rating on Wednesday and kept a $190 price target on the stock. That would represent a roughly 43% gain from current levels.
Chhugani said he sees “strong evidence” of rising global stablecoin adoption, with consumer-to-business payments growing 131% year over year. Stablecoin-linked Visa cards now account for 24% of tagged payments value.
He also noted something that bulls have been waiting for: Circle’s stock is starting to decouple from crypto prices, trading more on its own fundamentals.
Clear Street separately raised its price target on CRCL to $152 from $136, keeping a Buy rating. The upgrade came alongside its note on Mastercard’s $1.8 billion acquisition of BVNK, which it described as a “defensive move by an incumbent” reacting to blockchain’s growing foothold.
Clear Street called the deal validation of blockchain technology as a “faster, cheaper, global, and 24×7 next-generation rail.” It said the development made it “incrementally more confident” in Circle as a regulatory-compliant infrastructure layer.
Arc Blockchain and Key Partnerships
Last fall, Circle launched Arc, an open Layer 1 blockchain designed to bring more economic activity on-chain. The platform has already brought in BlackRock, Visa, and Amazon Web Services as collaborators.
In December, Circle signed a multiyear deal with Intuit, the company behind TurboTax, to power next-generation financial services using its stablecoin technology.
The GENIUS Act, signed by President Trump, has also added tailwind. The legislation establishes a regulatory framework for digital tokens backed by assets like the US dollar, giving companies like Circle clearer rules to operate under.
Circle’s stock is still well off its all-time high of nearly $300 reached in late 2025. Clear Street’s revised target of $152 sits about 14% above current trading levels.
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