Circle’s Valuation Soars, Nearly Matching Coinbase’s Market Cap

Circle Soars Toward Coinbase’s Valuation Amid Stablecoin Frenzy, But Analysts Warn of Lofty Multiples

Shares of Circle (CRCL) surged on Monday, continuing a remarkable run fueled by investor enthusiasm for stablecoin exposure—even as some analysts urge caution over the company’s steep valuations.

Circle’s stock climbed as much as 22% in early trading, reaching a new high near $299 before settling back to close around $263, still up 9% on the day. Since its IPO earlier this month at $31 per share, the stock has skyrocketed roughly 750%.

At Monday’s peak, Circle’s market capitalization was approaching $60 billion, nearly on par with the $61.3 billion circulating supply of its USDC stablecoin. That valuation also places Circle within striking distance of major crypto exchange Coinbase (COIN), whose market cap hovers around $78 billion.

The explosive rally underscores growing investor interest in stablecoins—a sector with few publicly traded pure-play options. USDC, the world’s second-largest dollar-pegged token, has become deeply integrated across centralized exchanges, decentralized finance (DeFi) protocols, and increasingly in global payments and cross-border transactions.

Fueling the optimism was last week’s passage of the GENIUS Act in the U.S. Senate, which aims to establish clearer regulatory frameworks for stablecoins. Supporters believe such regulation could unlock vast growth potential for the sector, possibly pushing stablecoin market size into the trillions of dollars.

Yet not everyone is convinced the rally is sustainable.

“Not a lot of upside in the current model,” warned Jon Ma, CEO of crypto analytics firm Artemis, in a post last Thursday. He pointed out that Circle trades at eye-watering valuation multiples—roughly 32 times revenue, 80 times gross profit, 152 times EBITDA, and 285 times earnings—well above most fintech and crypto peers.

Circle’s current market cap now rivals established fintech giants like Robinhood ($68 billion), Nubank ($59 billion), and Block ($38 billion), raising questions about whether its stock can maintain these levels without a correction.