Bernstein: Circle Has Transformed into a Fintech Infrastructure Provider, Rates It as "Outperform"

Odaily News Bernstein pointed out that Circle is no longer viewed merely as a proxy investment vehicle for crypto assets but has transformed into a fintech infrastructure service provider, reflecting a profound shift in the company's business positioning.

According to Circle's Q4 2025 financial report, the company's revenue achieved significant growth—total revenue for the full fourth quarter reached approximately $770 million, a surge of 77% compared to the same period last year. Company CEO Jeremy Allaire stated during the earnings call that we are currently in the early stages of a fundamental transformation in how the global economic system operates, and the future economic system will be more internet-native and highly automated.

Bernstein's analyst team believes that Circle will play a key role in this evolution and, in their latest research report, reaffirmed their "Outperform" rating and $190 price target for the company, suggesting there is still significant upside potential for its stock price.

Analyst Gautam Chhugani and his colleagues noted in the report that Circle's Q4 performance clearly diverged from the overall crypto market trend, emphasizing that the company is evolving towards becoming a core internet infrastructure provider, rather than being solely a stablecoin or crypto token business. (Dlnews)