Bernstein: Circle has transformed into a fintech infrastructure, rating it as "Outperform".

Bernstein points out that Circle is no longer seen as a mere "proxy investment" for crypto assets, but has transformed into a fintech infrastructure service provider, reflecting a profound shift in the company's business positioning. According to Circle's Q4 2025 financial report, the company achieved significant revenue growth—total revenue for the fourth quarter reached approximately $770 million, a surge of 77% year-over-year. CEO Jeremy Allaire stated in the earnings call that the company is currently in the early stages of a fundamental transformation in how the global economic system operates, with the future economy becoming more internet-connected and highly automated. Bernstein's analyst team believes Circle will play a key role in this evolution and reaffirmed its "Outperform" rating and $190 price target in its latest research report, suggesting significant upside potential for the company's stock. Analyst Gautum Chhugani and his colleagues noted in their report that Circle's Q4 performance clearly diverged from the overall crypto market trend, emphasizing that the company is moving towards becoming a core internet infrastructure provider, rather than simply a stablecoin or crypto token business. (Dlnews)