持仓增至832万股，摩根士丹利将Circle评级下调至减持并将目标价降至38美元

Odaily News Morgan Stanley downgraded Circle's stock rating from Hold to Underweight on August 3, and lowered its price target from $106 to $38. Analysts stated that the downgrade is primarily due to the contraction in USDC circulation, Circle's high sensitivity to reserve income, and the company's business structure shifting toward a transaction-based revenue model with lower profit margins. The report also lowered its USDC supply forecasts for 2027 and 2028 by approximately 33% and 44%, respectively, and expects the company's GAAP earnings per share to be about 3% and 20% below market consensus. According to Morgan Stanley's latest 13F filing, as of June 30, its holdings in Circle increased from approximately 1.46 million shares to 8.32 million shares, representing a nearly sixfold increase in the second quarter. The 13F disclosure reflects positions as of June 30 and cannot reflect whether positions were adjusted before or after the August rating downgrade.