CRCL: The Thesis Played Out. The Deal Hasn't Yet.

"The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty."

Proverbs 21:5

Patience is always necessary to acknowledge and honor God. Without humility, patience cannot be expressed meaningfully. In today’s markets, noise and volatility often cloud opportunity; with preparation and planning and the ability to exercise patience, investors can be better prepared.

Circle has moved from $85 to $107.44 since 4/9 — vindicating the cash flow case. The next substantial move belongs to the CLARITY Act and a Coinbase bid.

• $107.44 today. Up ~25% since Compass Point's sell rating. The OCF thesis held as market sentiment has shifted — 49x trailing operating cash flow on a 63% growth business.

• $200 acquisition target offering significant further upside from a COIN bid. At $107.44, CRCL trades at just 22x 2027E OCF of $4.87 — still undemanding for the future growth rate estimated at 30%.

• USDC surpassed Tether in U.S. transaction volume per Artemis. The adoption curve Compass Point ignored is now further strengthening the overall growth thesis.

• CLARITY Act Senate markup expected second half of April — passage unlocks institutional stablecoin adoption and accelerates the Coinbase deal logic.

Bottom line: The easy 25% is done. Continue to buy for the acquisition premium. The $200 target remains a significant move — and the CLARITY catalyst is potentially weeks away.

WATCH FOR

CLARITY Act markup late April  ·  USDC weekly circulation  ·  Any Coinbase M&A statement