📰 ReutersReutersCodex · 实盘不做把握 8/10
北京时间·🕒 发布 23:25:20时区推断·⟳ 抓取 23:28:36·⚡ 决策 07-30 23:29:38 +1m02s·88.9 天前
Circle季度收入与准备金收益增长属旧闻，当前无新增交易催化
Reuters链接日期为2026-05-11，正文也描述周一财报后早盘上涨2%，不是2026-07-30盘中的新增财报披露。
📄 原文Reuters↗ 原文
Circle (CRCL.N) reported higher quarterly revenue and reserve income on Monday, driven by increased adoption and circu…
不做 Circle Internet Group（CRCL.US）
Reuters链接和正文显示为2026-05-11旧财报报道，当前2026-07-30无新增超预期信息，已充分price-in，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-05-11 · 扩散 high · price-in 风险 high ↗
关键理由
- Reuters链接日期为2026-05-11，正文也描述周一财报后早盘上涨2%，不是2026-07-30盘中的新增财报披露。
- 财报类事件默认需要相对一致预期的新增超预期与未被交易的窗口；本信号已明显过期，当前没有可回测的剩余edge。
主要风险
- 若Reuters后续另有2026-07-30新财报或指引更新，应由新信号重新研判。
原文全文
展开原文 · 2,065 字
Circle (CRCL.N) reported higher quarterly revenue and reserve income on Monday, driven by increased adoption and circulation of its stablecoin, pushing its shares 2% higher in early trading.
Market volatility and the Middle East conflict pushed investors to rotate out of risky cryptocurrencies and into stablecoins to park capital earlier this year.
This was underscored by cryptocurrency exchange Coinbase's (COIN.O) results last week, which reported dropping trading volumes. Coinbase has a strategic partnership with Circle.
The rollout of Europe's MiCA framework and the passing of the U.S. GENIUS Act, which provide a clear legal framework for digital assets, boosted the adoption of USDC, Circle's flagship stablecoin and the world's second-largest by market value after Tether.
Circulation of USDC rose 28% from a year earlier to $77 billion at the end of the first quarter. Total revenue and reserve income grew 20% to $694 million.
"From a long-term perspective, it's tough to be bearish on Circle Group," said Andrew Rocco, stock strategist at Zacks Investment Research.
Wall Street expects stablecoins to become one of the biggest themes within finance in the coming years and the next multi-trillion-dollar market opportunity.
Interest-rate cuts late in 2025 also benefited the company, as Circle invests the cash backing its tokens in bank deposits and short-dated U.S. Treasuries, earning interest on those holdings. As a result, its income is highly sensitive to policy changes by the U.S. Federal Reserve.
"Rates have cycles, and we are building a company that's going to be living through many rate cycles," CFO Jeremy Fox-Geen said in an interview with Reuters, when asked about the potential future impact of monetary policy easing.
The firm went public in a stellar debut on the New York Stock Exchange last year, paving the way for similar companies to test their luck in the public markets.
Circle's shares closed at $113.67 on Friday, up about 43% year to date and more than three times their IPO price of $31.
Market volatility and the Middle East conflict pushed investors to rotate out of risky cryptocurrencies and into stablecoins to park capital earlier this year.
This was underscored by cryptocurrency exchange Coinbase's (COIN.O) results last week, which reported dropping trading volumes. Coinbase has a strategic partnership with Circle.
The rollout of Europe's MiCA framework and the passing of the U.S. GENIUS Act, which provide a clear legal framework for digital assets, boosted the adoption of USDC, Circle's flagship stablecoin and the world's second-largest by market value after Tether.
Circulation of USDC rose 28% from a year earlier to $77 billion at the end of the first quarter. Total revenue and reserve income grew 20% to $694 million.
"From a long-term perspective, it's tough to be bearish on Circle Group," said Andrew Rocco, stock strategist at Zacks Investment Research.
Wall Street expects stablecoins to become one of the biggest themes within finance in the coming years and the next multi-trillion-dollar market opportunity.
Interest-rate cuts late in 2025 also benefited the company, as Circle invests the cash backing its tokens in bank deposits and short-dated U.S. Treasuries, earning interest on those holdings. As a result, its income is highly sensitive to policy changes by the U.S. Federal Reserve.
"Rates have cycles, and we are building a company that's going to be living through many rate cycles," CFO Jeremy Fox-Geen said in an interview with Reuters, when asked about the potential future impact of monetary policy easing.
The firm went public in a stellar debut on the New York Stock Exchange last year, paving the way for similar companies to test their luck in the public markets.
Circle's shares closed at $113.67 on Friday, up about 43% year to date and more than three times their IPO price of $31.
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