Leveraged ETFs

Company

Trading Hub

Thematic ETFs
How to Invest
  • Daily Leveraged ETFs
All Daily Leveraged ETFs
  • Capped Accelerated ETFs
All Capped Accelerated ETFs

All ETFs

Compare Our Products

All ETFs
  • About
  • Information

All ETFs

Compare Our Products

All ETFs
  • Research Insights
See All Insights
Subscribe

Date

August 13, 2025

Category

Market Insights

Circle’s First Public Earnings Show 53% Revenue Growth

Your capital is at risk if you invest. You could lose all your investment.

Circle Internet Group stock has seen a significant amount of investor interest since its Initial Public Offering (IPO) in early June. After coming public at an IPO price of $31, its share price has soared more than five-fold.

Earlier this week, the digital assets company posted its first earnings as a public company, and the report showed why investors are excited about its prospects. Right now, Circle is generating strong growth as stablecoins see increased adoption and the future looks incredibly promising.

An Introduction to Circle Internet Group

Before diving into the group’s Q2 numbers, it’s worth providing a quick overview of this company. Because while the stock has performed well since its IPO, it’s not a business that’s widely known within the investment community.

Founded in 2013, Circle is a financial technology company that operates globally. Its mission is to raise economic prosperity through the frictionless exchange of value.

Originally, Circle’s focus was on peer-to-peer payments using Bitcoin. However, in recent years, it has evolved into a major player in the stablecoin space.

Today, it is the issuer of the world’s second-largest USD stablecoin by market cap, USDC or USD Coin. It also offers the Circle Payments Network, which enables financial institutions to move money globally via stablecoins and blockchain technology.

A Bridge Between Traditional Finance and Digital Finance

It’s worth pointing out that stablecoins differ from other crypto assets such as Bitcoin and Ethereum because they are designed to have a relatively stable value. Typically, they are pegged to a less volatile asset – most often a fiat currency – so that they don’t experience dramatic price swings.

Given their stability, they have a range of practical use cases. Not only can they be a safe haven for crypto users, but they can also be an effective payments instrument (they can be sent and received anywhere in the world almost instantly and with low transaction fees).

Recently, these digital assets – which are often viewed as a bridge between traditional finance and digital finance – have been receiving a lot of attention due to the fact that US President Donald Trump signed the GENIUS Act into law in mid-July. This marked a historic moment for US digital asset regulation by establishing a federal regulatory regime for stablecoin technology.

This framework is expected to boost the stablecoin industry by encouraging institutional adoption. And it means that Circle is in the right place at the right time.

Circle’s Q2 Earnings Show Strong Growth

Zooming in on Circle’s earnings for Q21, total revenue and reserve income grew 53% year-over-year to $658 million. Breaking this down, reserve income – the income generated from the reserves that back the USDC – was up 50% to $634 million. Meanwhile, other revenue – generated from subscription & services and transactions – increased 252% year-over-year to $24 million.

In terms of profitability, Circle’s adjusted EBITDA rose 52% year-over-year to $126 million. However, the group posted a net loss of $482 million due to IPO-related non-cash charges that totaled $591 million.

Turning to guidance, the company didn’t provide any details about the total amount of revenue it expects for Q3 or 2025. However, it did say that it anticipates that the amount of USDC in circulation will grow at a 40% compound annual growth rate through the cycle.

Additionally, Circle said that it is expecting to launch its new open Layer-1 blockchain, Arc, this fall. Arc is designed to provide an enterprise-grade foundation for stablecoin payments, FX, and capital markets applications.

At the end of the second quarter, USDC in circulation amounted to $61.3 billion. This represented an increase of 90% year over year.

Wall Street is Bullish on Circle

Overall, Circle’s Q2 earnings were impressive, pointing to a positive future for the company. With USDC circulation increasing rapidly and strategic initiatives like the Circle Payments Network and its upcoming Arc blockchain, the company is not just riding a wave of stablecoin adoption but actively building the infrastructure for a new global financial system.

It’s worth noting that the average Wall Street price target for Circle stock is currently $2042. This signals that analysts see further share price upside in the months ahead.

Footnotes:

1 Circle Q2 2025 Earnings Press Release, as of August 12, 2025
2 LSEG, as of August 13, 2025

Your capital is at risk if you invest. You could lose all your investment.

Share this:

Related Products:

2x Long CRCL

As of -

Since Inception*

Our ETFs
Thematic
Get ETF List
Company

INVESTMENT INVOLVES SIGNIFICANT RISK. The Fund does not invest directly in the underlying stock. Investing in the Fund involves a high degree of risk. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund.

An investor should carefully consider a Fund’s investment objective, risks, charges, and expenses before investing. A Fund’s prospectus and summary prospectus contain this and other information about Themes ETFs. To obtain a Fund’s prospectus and summary prospectus call 886-584-3637 or visit leverageshares.com/us/. A Fund’s prospectus and summary prospectus should be read carefully before investing.

Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the underlying security’s performance is flat, and it is possible that the Fund will lose money even if the underlying security’s performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day if the price of the underlying security falls by more than 50% in one trading day.

Some funds have risks associated with a limited operating risk of less than 1 year.

Capped Accelerated Monthly ETFs

An investor who buys Fund shares after the start of an Outcome Period or who sells shares before the end of an Outcome Period may not fully realize the Accelerated Return and may be exposed to greater losses than that of the Underlying Stock. An investment in the Fund is appropriate only for investors willing to bear those losses. Please see fund webpages for important risk information about the funds.

Investment in leveraged products may be subject to higher volatility. The fund is non-diversified. Fund does not directly invest in the underlying stock. An investment in the Fund involves risk, including the possible loss of principal. The Fund is non-diversified and includes risks associated with the Fund concentrating its investments in a particular industry, sector, or geographic region which can result in increased volatility. The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. Risks of the Fund include effects of Compounding and Market Volatility Risk, Inverse Risk, Market Risk, Counterparty Risk, Rebalancing Risk, Intra-Day Investment Risk, Daily Index Correlation Risk, Other Investment Companies (including ETFs) Risk, and risks specific to the securities of the Underlying Stock and the sector in which it operates. These and other risks can be found in the prospectus. Fund has risks associated with having a limited operating history.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share, and do not represent the returns you would receive if you traded shares at other times. NAVs are calculated using prices as of 4:00 PM Eastern Time. Indices are unmanaged and do not include the effect of fees, expenses, or sales charges. One cannot invest directly in an index.

This information is not an offer to sell or a solicitation of an offer to buy shares of any Funds to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

Themes Management Company LLC serves as an adviser to the Themes ETFs Trust. The funds are distributed by ALPS Distributors, Inc (1290 Broadway, Suite 1000, Denver, Colorado 80203). ALPS is not affiliated with any mentioned entity. Client brokerage services not offered by ALPS. Please see third part site for more information about any mentioned services. Themes ETFs are not sponsored, endorsed, issued, sold, or promoted by these entities, nor do these entities make any representations regarding the advisability of investing in the Themes ETFs. Neither ALPS Distributors, Inc, Themes Management Company LLC nor Themes ETFs are affiliated with these entities. Themes Management Company LLC and Leverage Shares are affiliates that are under common control.  Themes Management Company and Leverage Shares have entered into a licensing agreement in which Leverage Shares licenses the trademark LEVERAGE SHARES ™ to Themes Management Company LLC for use in financial services in the United States.

© Leverage Shares 2025

  • Subscribe to Our Newsletter

Join our community for premium insights, expert analysis, and timely updates on the latest trends.

  • You’re In!

Thank you for subscribing to our newsletter! A confirmation email is on its way to your inbox.

Okay