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Yahoo
31 minutes ago
- Business
- Yahoo
Tech stock hits all-time high after receiving 'First Buy' rating and 'genius' buzz
Tech stock hits all-time high after receiving 'First Buy' rating and 'genius' buzz originally appeared on TheStreet. The stock of Circle Internet Group (NYSE: CRCL) surged as much as 17% once it received the First Buy rating from Seaport Global on June 20, Bloomberg reported. Circle is the company behind the USDC stablecoin. A stablecoin is a type of cryptocurrency that tries to maintain a stable value, unlike mainstream cryptocurrencies like Bitcoin that are generally volatile. Circle's USDC, as the name suggests, is pegged 1:1 to the U.S. dollar. The second-largest stablecoin, it accounts for around 25% of the total stablecoin market cap of $251 billion, as per DeFiLlama. Join the conversation with Scott Melker on The company made a spectacular public debut on June 5 as it opened at $69, around 125% higher than the IPO price of $31. On June 17, the GENIUS Act, the legislation dealing with stablecoin regulation, passed the Senate. The landmark move further boosted the already booming CRCL stock as it surpassed the $200 price mark the next day. Join the conversation with Scott Melker on Now, Seaport Global has granted Circle the First Buy rating, demonstrating the growing institutional confidence in the newly launched stock and even in the burgeoning stablecoin industry. Seaport analyst Jeff Cantwell anticipates Circle increasing its revenue 25%-30% annually. In fact, the firm could reach $3.5 billion in revenue in 2025, he said. Cantwell added: "We view Circle as a top-tier crypto 'disruptor' with a sizable future opportunity." Since its public debut on June 5, the CRCL stock has surged more than 400% in value. It even hit an all-time high (ATH) of $248.88 on June 20. At press time, CRCL was trading at $237.88. Tech stock hits all-time high after receiving 'First Buy' rating and 'genius' buzz first appeared on TheStreet on Jun 20, 2025 This story was originally reported by TheStreet on Jun 20, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 hours ago
- Business
- Yahoo
Circle stock extends stunning rally amid high hopes for crypto 'disruptor'
Circle (CRCL) stock's massive rally is showing no signs of cooling. The issuer of USDC stablecoins (USDC-USD) soared roughly 15% in morning trading on Friday, extending its stunning post IPO gains as Wall Street bets big on the crypto player. "Circle as a top-tier crypto 'disruptor' with a sizeable future opportunity," Seaport Research Partners analyst Jeff Cantwell wrote in a note on Friday. He said that the company would benefit from an improving regulatory climate in the US. "We think the overall stablecoin 'market cap' will reach $500B by the end of next year; longer-term, we think it ultimately can reach $2T," he added. Cantwell initiated Circle with a Buy rating and a price target of $235. Shares hovered near $228 each during Friday's rally. The stock is on track to close out the week up more than 65%. Shares are up more than 600% above their IPO price of $31. Circle surged on Wednesday following the Senate's passage of the GENIUS Act, legislation that provides a federal framework for stablecoins, tokens backed by assets, such as the US dollar. "History is being made, as the US Senate passes the GENIUS Act, taking us one step closer to breakthrough legislation being signed into law that will drive US economic and national competitiveness for decades to come," Circle co-founder and CEO Jeremy Allaire said on X following the bill's passage. Read more about Circle's stock moves and today's market action. Circle issues the stablecoin USDC, which stands for USD coin and is backed by the dollar. The company makes most of its revenue from "reserve income," which is what it makes on cash backing its stablecoin that is held in banks or invested in Treasury bills. Momentum surrounding stablecoins also sent shares of trading platform Robinhood (HOOD) and crypto exchange platform Coinbase (COIN) higher in recent weeks. Coinbase holds a minority stake in Circle. 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
8 hours ago
- Business
- Yahoo
Circle stock continues to surge after stablecoin bill, buy rating
-- Circle Internet Group (NYSE: CRCL) stock surged 11% in pre-market trading Friday, extending its 34% gain from the previous day after the U.S. Senate approved a milestone stablecoin bill that could bring regulatory clarity to the cryptocurrency sector. The bipartisan approval represents a potential turning point for cryptocurrency regulation, particularly benefiting Circle as the issuer of USDC, the second-largest stablecoin. Before becoming law, the bill, known as the GENIUS Act, must still pass the Republican-controlled House of Representatives and receive President Donald Trump's signature. Adding to the momentum, Seaport Global Securities analyst Jeff Cantwell initiated coverage on Circle with a Buy rating and a $235 price target, among the first analyst ratings following the company's IPO due to quiet period restrictions. "We view Circle as a top-tier crypto 'disruptor' with a sizeable future opportunity," Cantwell noted in his analysis. The analyst expects stablecoin adoption to grow rapidly amid an improving regulatory climate, projecting the stablecoin market cap could potentially reach $2 trillion over the longer term, up from roughly $260 billion today. Circle shares traded at $221, significantly higher than its IPO price of $31, reflecting strong investor confidence in the company's growth prospects as regulatory frameworks for digital assets continue to evolve. Related articles Circle stock continues to surge after stablecoin bill, buy rating Wedbush's Ives raises stock price target on this 'AI winner' Is the AI talent war heating up? Sign in to access your portfolio
Yahoo
9 hours ago
- Business
- Yahoo
Circle stock extends stunning rally amid high hopes for crypto 'disruptor'
Circle (CRCL) stock's massive rally is showing no signs of cooling. The issuer of USDC stablecoins (USDC-USD) soared roughly 15% in morning trading on Friday, extending its stunning post IPO gains as Wall Street bets big on the crypto player. "Circle as a top-tier crypto 'disruptor' with a sizeable future opportunity," Seaport Research Partners analyst Jeff Cantwell wrote in a note on Friday. He said that the company would benefit from an improving regulatory climate in the US. "We think the overall stablecoin 'market cap' will reach $500B by the end of next year; longer-term, we think it ultimately can reach $2T," he added. Cantwell initiated Circle with a Buy rating and a price target of $235. Shares hovered near $228 each during Friday's rally. The stock is on track to close out the week up more than 65%. Shares are up more than 600% above their IPO price of $31. Circle surged on Wednesday following the Senate's passage of the GENIUS Act, legislation that provides a federal framework for stablecoins, tokens backed by assets, such as the US dollar. "History is being made, as the US Senate passes the GENIUS Act, taking us one step closer to breakthrough legislation being signed into law that will drive US economic and national competitiveness for decades to come," Circle co-founder and CEO Jeremy Allaire said on X following the bill's passage. Read more about Circle's stock moves and today's market action. Circle issues the stablecoin USDC, which stands for USD coin and is backed by the dollar. The company makes most of its revenue from "reserve income," which is what it makes on cash backing its stablecoin that is held in banks or invested in Treasury bills. Momentum surrounding stablecoins also sent shares of trading platform Robinhood (HOOD) and crypto exchange platform Coinbase (COIN) higher in recent weeks. Coinbase holds a minority stake in Circle. 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 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
9 hours ago
- Business
- Yahoo
Circle stock extends stunning rally amid high hopes for crypto 'disruptor'
Circle (CRCL) stock's massive rally is showing no signs of cooling. The issuer of USDC stablecoins (USDC-USD) soared roughly 15% in morning trading on Friday, extending its stunning post IPO gains as Wall Street bets big on the crypto player. "Circle as a top-tier crypto 'disruptor' with a sizeable future opportunity," Seaport Research Partners analyst Jeff Cantwell wrote in a note on Friday. He said that the company would benefit from an improving regulatory climate in the US. "We think the overall stablecoin 'market cap' will reach $500B by the end of next year; longer-term, we think it ultimately can reach $2T," he added. Cantwell initiated Circle with a Buy rating and a price target of $235. Shares hovered near $228 each during Friday's rally. The stock is on track to close out the week up more than 65%. Shares are up more than 600% above their IPO price of $31. Circle surged on Wednesday following the Senate's passage of the GENIUS Act, legislation that provides a federal framework for stablecoins, tokens backed by assets, such as the US dollar. "History is being made, as the US Senate passes the GENIUS Act, taking us one step closer to breakthrough legislation being signed into law that will drive US economic and national competitiveness for decades to come," Circle co-founder and CEO Jeremy Allaire said on X following the bill's passage. Read more about Circle's stock moves and today's market action. Circle issues the stablecoin USDC, which stands for USD coin and is backed by the dollar. The company makes most of its revenue from "reserve income," which is what it makes on cash backing its stablecoin that is held in banks or invested in Treasury bills. Momentum surrounding stablecoins also sent shares of trading platform Robinhood (HOOD) and crypto exchange platform Coinbase (COIN) higher in recent weeks. Coinbase holds a minority stake in Circle. 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 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
