Story perspectives

Circle Beats EPS, Revenue Miss, Shares Rise 14%

5/11/2026

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Summary

Circle Beats

Circle posted Q1 adjusted EPS of $0.21, beating the $0.18 estimate, and shares rose about 14%.
Revenue was $694 million, missing the $715-$717 million forecast, while net income fell 15% to $55 million as operating costs rose to $242 million.
Circulation grew 28% to $77 billion and on-chain volume jumped 263% to $21.5 trillion.
Circle raised $222 million in an ARC token presale valuing the network at $3 billion and launched an Agent Stack for AI agents.

Summary

Circle Posts Growth

Arc testnet recorded 244 M transactions and 1.6 M unique wallets in Q1, signaling strong pre-launch activity.
On-platform USDC holdings ended the quarter at $13.7 B, with a daily weighted share of 17.2%, boosting reserve-income generation.
Circle’s operational investment rose, increasing headcount, IT, R&D, compensation, infrastructure and software amortization costs to support platform expansion.
Management projected Q2 revenue of $150.0 M to $170.0 M, offering guidance amid a shifting crypto-payments landscape.

History

Historical Context

In September 2018 Circle and Coinbase launched the Centre consortium, issuing the dollar-pegged stablecoin USDC. Circle had raised $110 million in May 2018 to fund the project, and after the consortium dissolved in August 2023 Circle became the sole governor. By Q1 2024 USDC holdings reached $13.7 billion, underscoring its rapid growth since launch and spurring broader crypto-payments adoption.

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Circle Beats

Circle posted Q1 adjusted EPS of $0.21, beating the $0.18 estimate, and shares rose about 14%.
Revenue was $694 million, missing the $715-$717 million forecast, while net income fell 15% to $55 million as operating costs rose to $242 million.
Circulation grew 28% to $77 billion and on-chain volume jumped 263% to $21.5 trillion.
Circle raised $222 million in an ARC token presale valuing the network at $3 billion and launched an Agent Stack for AI agents.

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