On the opposite end of the spectrum, Jeff Cantwell of Seaport Research Partners has a Buy rating on Circle and a $280 price target. That’s the second-highest on Wall Streeet. Cantwell disagrees with Mizuho’s Dolev and isn’t worried about more competition, citing Circle’s “first-mover advantage.”

Circle Internet went public in June. The stablecoin issuer reported its first financial result today -- a $4.48-per-share loss. Circle's guidance for the rest of the year isn't particularly helpful to investors.

Shares of Circle Internet Group (NYSE:CRCL) dropped 3.9% after a new stock offering. Explore the impact on stakeholders and the company's use of proceeds.