$CRCL

TD Cowen initiated coverage of Circle Internet Group with a buy rating and an $82 price target, while Morgan Stanley downgraded it to underweight and cut its target to $38, citing different views on USDC’s role. CNBC reports Circle’s bull case is platform infrastructure, while the bear case cites McKinsey data that payments are about 1% of stablecoin activity. Regulatory Clarity Act is stalled.

Fox-Geen Jeremy (Chief Financial Officer) sold 8,476 shares of Circle Internet Group, Inc. (CRCL) at $75.00 ($0.64M total) on 2026-08-13 under a Rule 10b5-1 trading plan.

Tokenization-related stocks fell after the SEC delayed its planned “innovation exemption” for tokenized securities and canceled a meeting on proposed crypto offering rules, according to CoinDesk. Bullish (BLSH), Coinbase (COIN), Circle (CRCL) and Uniswap’s UNI dropped, with Uniswap down about 7%. The delay may slow adoption, Clear Street said.

Morgan Stanley increased its crypto exposure in Q2, according to its Aug. 14 SEC 13F. It raised Circle (CRCL) shares to about 8.32M from 1.46M. Bitcoin spot ETF holdings via IBIT rose to ~16.5M shares (+23%), though value fell to ~$549M. Ethereum Trust (ETHA) shares rose ~202% to 4.6M. It also added Solana products and adjusted positions in crypto stocks, including reducing Coinbase and closing Bitfarms.

Crypto-linked stocks fell Friday after Bitcoin dropped below $63,000. Strategy (MSTR) and Circle (CRCL) were down about 5% and nearly 5% in morning trade, respectively, with Bitmine (BMNR) down over 4%, Coinbase (COIN) around 3%, and Robinhood (HOOD) nearly 2%. The move followed a 2% BTC decline to about $62,500 and broader risk-off moves in SPY, DIA and QQQ.

Morgan Stanley reported in its Q2 13F that its BlackRock iShares Bitcoin Trust ETF (IBIT) holdings rose 23% to about 16.5 million shares from 13.4 million. It also increased its Morgan Stanley Bitcoin Trust (MSBT) and added to several Bitcoin and Ether ETF positions. Some crypto-linked holdings, including Coinbase, declined.

Simply Wall St reports Circle Internet Group (CRCL) drew renewed attention after its latest earnings and Arc blockchain updates, alongside a shelf registration filing and a new trust charter in New York. The stock rose 5.75% (1 day) and 19.12% (7 days). The article cites a fair value of $35.82 versus a $75.38 close, calling it overvalued.

Circle Internet Group reported Q4 2025 revenue of $770M, up 77% year over year, versus a $747M Wall Street forecast, with net income of $133.4M ($0.43/share). USDC supply rose 72% to $75.3B and quarterly USDC transaction volume reached $11.9T (+247%). CRCL shares rose sharply after results.

Circle Internet Group (CRCL) received final OCC approval to establish Circle National Trust, a specialized trust bank, with doors opening July 24. Circle says USDC operations and reserves have not changed, with BNY as custodian and BlackRock as asset manager, attested monthly by Deloitte. Shares rose 5.7% at close on approval day. Circle cites GENIUS Act timing in 2027.

Chandhok Nikhil (Chief Product & Tech. Officer) sold 26,666 shares of Circle Internet Group, Inc. (CRCL) at $67.15 ($1.79M total) on 2026-08-10 under a Rule 10b5-1 trading plan.