Anand Sinha
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Tech stock hits all-time high after receiving 'First Buy' rating and 'genius' buzz originally appeared on TheStreet.
The stock of Circle Internet Group (NYSE: CRCL) surged as much as 17% once it received the First Buy rating from Seaport Global on June 20, Bloomberg reported.
Circle is the company behind the USDC stablecoin. A stablecoin is a type of cryptocurrency that tries to maintain a stable value, unlike mainstream cryptocurrencies like Bitcoin that are generally volatile.
Circle's USDC, as the name suggests, is pegged 1:1 to the U.S. dollar. The second-largest stablecoin, it accounts for around 25% of the total stablecoin market cap of $251 billion, as per DeFiLlama.
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The company made a spectacular public debut on June 5 as it opened at $69, around 125% higher than the IPO price of $31.
On June 17, the GENIUS Act, the legislation dealing with stablecoin regulation, passed the Senate. The landmark move further boosted the already booming CRCL stock as it surpassed the $200 price mark the next day.
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Now, Seaport Global has granted Circle the First Buy rating, demonstrating the growing institutional confidence in the newly launched stock and even in the burgeoning stablecoin industry.
Seaport analyst Jeff Cantwell anticipates Circle increasing its revenue 25%-30% annually. In fact, the firm could reach $3.5 billion in revenue in 2025, he said.
Cantwell added:
"We view Circle as a top-tier crypto ‘disruptor’ with a sizable future opportunity."
Since its public debut on June 5, the CRCL stock has surged more than 400% in value. It even hit an all-time high (ATH) of $248.88 on June 20.
At press time, CRCL was trading at $237.88.
Tech stock hits all-time high after receiving 'First Buy' rating and 'genius' buzz first appeared on TheStreet on Jun 20, 2025
This story was originally reported by TheStreet on Jun 20, 2025, where it first appeared.
