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Benzinga
Benzinga
Business
Surbhi Jain

Circle Margins Shrink, But JPMorgan Still Expects the Stock To Double

Circle JPMorgan USDC Coinbase COIN CRCL Internet
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Circle Internet Group Inc. (NYSE:CRCL) heads into its second-quarter earnings report facing mounting pressure on the profitability of its core stablecoin business. But despite trimming its earnings estimate and forecasting weaker margins, JPMorgan believes the market is overlooking the company’s longer-term growth story.

The bank lowered its second-quarter earnings per share estimate by one cent to 15 cents, following Coinbase Global Inc.‘s (NASDAQ:COIN) earnings release, which offered new clues about the economics of Circle’s USD Coin (CRYPTO:$USDC) stablecoin ecosystem.

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