Technical analysis by VROCKSTAR about Symbol CRCLX on 10/22/2025

10/21/25 :: VROCKSTAR :: CRCL 3Q beat by MSD... but valuation no ty - for anyone that cares u can track revenue pretty easily using defillama defillama.com/protocol/fees/circle - the alst 2 quarters correlate perfectly, basically sum these things up and multiply by 1.135 (that's the plug it seems) - so it would seem that a cons. of $700mm of revenue in 3Q is probably light by $35-40mm or about a MSD beat - if that valuation and the stock comp weren't so offensive, i might punt. heck, if this thing dumps into results w/ beta... i think it could be a good play, but if it's just going to waffle here... no clue what the market will do - realistically it's still too expensive on basically every metric - the SBC really wants to make me puke in my mouth. i just avoid stuff like that b/c i don't like holding employee bags looking to exit. - but maybe there's a trade - just flagging - for now i stick to obtc and mtplf on the btc side bc i get a nice discount. that being said i'm about 10% obtc and 5% mtplf at the moment. keeping it pretty light, still. book is 65% cash after recovering from those whacky quantum shorts that finally started to pay me and where saas ripped (ty adbe, fi off lows) and now doing work on $s. more interesting all of it ... than circle. ew. circle. V