Circle stock jumps after first-ever public earnings

Stablecoin issuer Circle Internet Group is seeing its stock (NYSE: CRCL) rise yet again. Shares in the company are up more than 7% in early morning as of the time of this writing. At one point, shares were up as much as 10% after markets opened.

The reason? Circle just posted its first quarterly earnings as a public company, and investors seem to like what they are seeing. Here’s what you need to know.

Circle posts its first quarterly results as a public company

Today, Circle announced its Q2 2025 financial results—the first quarterly results the company has posted as a publicly traded business.

The big number most investors seem to care about from Circle’s Q2 earnings is its revenue. The company said that for the quarter, its total revenue grew to $658 million. That’s a 53% increase year over year.

It also said that the circulation of its stablecoin, USDC, grew 90% year over year to reach a total of $61.3 billion at the quarter’s end.

The more the circulation of Circle’s USDC stablecoin grows, the more Circle stands to make. That’s because Circle makes the majority of its revenues not from cryptocurrencies themselves, but from U.S. Treasuries.

“Circle, much like a bank, knows that only a fraction of all the USDC in circulation will be redeemed at any one time, so it only needs to keep a portion of reserves in cash to be instantaneously redeemable by USDC holders,” Mitrade points out. “It invests the rest in short-term U.S. Treasuries.”

This means that as the circulation of USDC grows, Circle stands to make more income from its investments in short-term U.S. Treasuries, thereby increasing its revenue.

Yet despite the 53% revenue growth Circle announced, the company still posted a net loss of $482 million. That net loss was mainly attributed to IPO-related noncash charges, including stock-based compensation payouts.

CRCL stock surged after its June IPO

Despite charges related to its IPO significantly contributing to the company’s Q2 net loss, Circle’s public offering has been very good to investors.

Since Circle went public in June, its stock surged. By the end of June, CRCL stock had risen 750%. 

Circle, like many crypto companies, has been greatly helped by a more friendly crypto regulatory environment under the Trump Administration. Those policies are why more cryptocurrency companies seem more interested in pursuing IPOs, including trading platform eToro, which did so in May, and cryptocurrency exchange Bullish, which is having its IPO tomorrow.

Over the past month, however, CRCL stock has lost about 7.65% of its value. As of the time of this writing, with today’s post-earnings boost, CRCL shares are hovering around $168.16.

When the company went public in June, its IPO share price was $31 per share.