Citi Oversaw $1 Billion in Deals for Trust While Sanctioned Oligarch Held Concealed Interest
Citigroup set up Heritage Trust in July 2017 with money that originated from billionaire Russian Senator Suleiman Kerimov, who was subsequently sanctioned by the US Treasury Department in April 2018. After the Treasury's action, the bank administered more than $1 billion in transactions that included deposits into trust accounts and existing stakes in several US companies, including $57 million in Uber Technologies Inc. and $141.5 million in Snap Inc., according to the previously unreported documents.
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Circle stock rises after quarterly revenue beats estimates in first earnings since blockbuster IPO
Circle (CRCL) stock jumped 2% in afternoon trading on Tuesday after the stablecoin issuer posted better-than-expected quarterly revenue for the first time since going public. The company reported second quarter total revenue of $658 million, versus the $647 million analysts expected. CEO Jeremy Allaire said the company's stablecoin, USDC (USDC-USD), was the "fastest-growing major stablecoin over the past year." USDC in circulation grew 90% year-over-year to $61.3 billion at quarter end, and has grown an additional 6.4% to $65.2 billion as of Aug 10. "Overall activity globally in the digital asset economy has been growing," Allaire told Yahoo Finance on Tuesday morning. "We're continuing to see growth in the use of dollar digital currencies like USDC as a store of value around the world in cross-border settlements," he added. "Use cases continue to expand, and I think people are finding that this is an incredibly high utility, new form of money." The company also announced ARC, a new blockchain network for stablecoin finance that will launch in the second half of the year. "We wanted to create a way for institutions to pay fees on blockchains in a fast, predictable manner that would be simple from an accounting perspective and could deliver very low-cost and stable fees," CEO Jeremy Allaire said during the company's earnings call on Tuesday morning. The stock is up roughly 480% from its IPO price of $31 per share as crypto-friendly legislation has lifted the sector. Circle has been at the center of optimism over the stablecoin market following the passage of the GENIUS Act, legislation that creates guardrails and a framework for digital tokens backed by assets such as the US dollar. Circle makes much of its money from interest income, specifically from short-term Treasury bills backing its stablecoin, USDC. The company's reserve income increased 50% year over year to $634 million, primarily from an 86% growth in USDC stablecoin circulation. Allaire indicated if the Fed reserve cuts interest rates and yields on short term treasuries decline, the growth of stablecoins will offset decline in rates. "We believe that lower interest rates are going to be accelerative to the business, as money velocity picks up, as invested capital picks up, and as more people are putting money to use in the economy, this very high utility form of money will grow," said Allaire. The company also shares part of its revenue with Coinbase (COIN), a major distribution partner. Last month, Compass Point analyst Ed Engel flagged the risk of rising distribution costs as the company expands its network while continuing to share a portion of its interest income. On Tuesday morning, Engel said Circle's gross profit margin guidance of 36% to 38% for fiscal year 2025 "slightly underwhelmed." Engel said that forecast implies second half margins will come in below the first half of the year's 39%, writing "we would have expected higher gross margins in 2H25." "While CRCL's lower margin guidance could be due to conservatism, CRCL's recent partnerships don't seem to benefiting the near-term margin outlook. As such, we reiterate our Sell rating and $130 PT," he wrote. However, others on Wall Street saw the stock as a way for investors to participate in rising enthusiasm over stablecoins. "CRCL is a global leader in stablecoins and is the purest stablecoin play in the public markets right now, and we anticipate further gains in the shares as the company creates new opportunities for itself and its partners," Seaport Research analyst Jeff Cantwell wrote last month. The analyst has a Buy rating and price target of $280 on the stock. Circle's results come as the overall market hovers near all-time highs and crypto rallies on expectations of Federal Reserve rate cuts and President Trump's push to include crypto in 401(k) plans. Prior to the earnings release, Wall Street analysts had nine Buy, five Hold, and four Sell ratings on Circle stock. Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices
Yahoo
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Police Say Indiana Man Made Odd Comments After Claiming His Wife Died By Suicide: 'She Was Talking to Other Men'
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Yahoo
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C3 AI (AI) Nosedives as Preliminary Results ‘Completely Unacceptable'
We recently published . Inc. (NYSE:AI) is one of the best-performing stocks on Monday. fell for a fourth straight day on Monday, slashing 25.58 percent to close at $16.47 apiece after its chief executive called the preliminary results of its first quarter of fiscal year 2026 performance 'completely unacceptable.' According to Inc. (NYSE:AI), it was targeting to report total revenues of $70.2 million to $70.4 million, and GAAP operational loss of $124.7 million to $124.9 million. Non-GAAP loss from operations was targeted at $57.7 million to $57.9 million. Commenting on the results, Inc. (NYSE:AI) CEO Tom Siebel said the sales figures were 'completely unacceptable,' and pointed to disruptions from a recent leadership reorganization, and his health contributing to the company's poor performance. Last month, Inc. (NYSE:AI) announced that it was searching for a new CEO after Siebel tendered his resignation due to health reasons, effective upon a successor assuming his post. 'After being diagnosed with an autoimmune disease in early 2025, I have experienced significant visual impairment,' he was quoted as saying last month. 'For C3 AI to reach its full potential—which I believe is spectacular—the board and I have initiated a search for a new CEO who can take the company to the next level of growth and success. I will remain fully engaged as Chief Executive Officer of until such time as the board appoints my successor, after which I will continue in the role of Executive Chairman, focusing on strategy, product innovation, strategic partner and customer relationships,' he noted. While we acknowledge the potential of AI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
