Berenstein Maintains Positive Evaluation of Circle's Q2 Performance and Target Price of $140

American investment bank Berenstein reaffirmed its "Outperform" rating and target price of $140 for Circle following the company's Q2 earnings announcement. Berenstein noted that concerns over intensified competition in the stablecoin market and reduced reserve income were overly reflected, and that Circle's long-term growth potential was confirmed in this earnings report. Circle's Q2 revenue was $707 million, a 7% increase compared to last year, although it fell short of market expectations. Adjusted EBITDA was $143 million, and earnings per share were $0.18, exceeding market forecasts. Approximately 95% of total revenue came from reserve management income. Berenstein projected that Circle has secured advantages over competitors in terms of distribution network, liquidity, and regulation, and that the launch of the Arc blockchain mainnet will serve as a new growth driver. Major companies such as BlackRock and Visa are expected to participate as initial validators in the Arc mainnet. Circle's USDC circulation size is $73.3 billion, a 19% increase from last year. Circle's stock closed at $63.28, indicating a potential upside of about 121% compared to the current stock price.