Seeking Alpha
03 Nov 2026, 09:30 UTC · 1h ago
Circle: Coinbase Confirmed Where Hyperliquid's Yield Went
Impact · against what's priced in
The news is marginally negative for Circle as it confirms a trend of shrinking core business and margin pressure that the market is already partially discounting, but it serves as a confirmation of the shift in reserve income toward Coinbase. While the reserve shift is a positive fundamental, it is already largely baked into Coinbase's current valuation of its Subscription and Circulation segment.
- CRCL−0.40
Challenges what's priced in
- The price assumes
USDC circulation growth of roughly 19% year-over-year
The article reports the underlying business is shrinking by approximately 7% YoY and USDC supply is declining, directly contradicting the 19% growth baseline the price currently assumes.
What CRCL's price assumes · Sep 22
