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CRCL Deep Dive: Circle Internet Group's First Annual Report, USDC Growth & Whether the Stock Is Worth It
Circle Internet Group (CRCL) just dropped its first annual report — and this "crypto stock" operates more like a bank than most investors realize.
We dig into reserve income, USDC in circulation, the Circle Reserve Fund managed by BlackRock, and exactly what the Federal Reserve's rate moves mean for this business.
We also break down Arc Blockchain, the Circle Payments Network, and run a Reverse DCF to show what growth rate is already baked into the stock at 80x forward earnings.We still hold a small position — we'll tell you why, and what would change our mind.Data powered by Fiscal.ai — 15%…
The skinny
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