Shares of Circle Internet Group (NYSE: CRCL) took a 28.1% hit in August 2025, according to data from S&P Global Market Intelligence. The group behind the USDC (CRYPTO: USDC) stablecoin posted its first earnings report as a public company in the middle of the month, and it wasn’t strong enough to support Circle’s early price jump.
From the initial public offering (IPO) on June 4 to the end of July, Circle’s stock had gained a hair-raising 492%. Investors were watching the first earnings report closely, looking for signs that Circle’s business could sustain a $42.0 billion market cap.
But that bullish outcome wasn’t in the cards. Sure, the results were impressive, given that Circle’s core business is based on an asset that will always be worth $1 per coin. Revenue rose 53% year over year to $658 million as the active circulation of USDC nearly doubled to $61.3 billion. But Circle still posted a net loss of $482 million in the second quarter, largely due to costs associated with the IPO. The price spike itself was the root cause of these charges, as the skyrocketing stock price changed the value of Circle’s convertible debt and stock-based compensation policies.