every day i get more upset about missing Plasma
MAN
Circle is now ~$74B enterprise value.
Circle is now more valuable than Robinhood ($68B), Nubank ($59B), Block ($38B), and just $4B shy of Coinbase ($78B).
Circle now trades at:
- 32x revenue
- 80x gross profit
- 152x EBITDA
- 285x earnings
In comparison, USDC is $60B of marketcap growing 90% YoY.
We'll soon be able to estimate Q2'25 Circle numbers based on onchain stablecoin supply.

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