Circle Internet Group (NYSE:CRCL) received a bullish reiteration from Bernstein, which maintained its Outperform rating and $190 price target, implying 44% upside from current levels.

Why Bernstein Remains Bullish

In a Tuesday note, Bernstein cited strong USDC (CRYPTO: USDC) growth and the $222 million ARC token presale helping offset pressure from declining interest income.

Analysts said Circle’s reserve income declined 11% quarter-over-quarter due to lower interest rates, contributing to first-quarter revenue of $694 million, which missed estimates by about 4%.

However, adjusted EBITDA reached $151 million, topping consensus estimates by roughly 10%, supported by stable operating costs and…

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Earnings Snapshot

Revenue fell 18% year over year (Y/Y) to $174.6 million, missing analyst estimates of $179.15 million, according to Benzinga Pro.

The decline was mainly driven by an 18% drop in average Bitcoin prices, which reduced revenue by about $33.1 million. Lower production contributed another $2.5 million decline, while a $3.7 million decrease in other revenue reflected reduced digital asset and hosting income compared to the prior year.

The company produced 2,247 BTC at an average price of $76,288 and sold 20,880 BTC at $70,137. Total blocks won declined slightly to 653.

The company reported a record energized hashrate of 72.2 EH/s, up 33% Y/Y, as of March 31, 2026.

Profitability

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The 35x Bitcoin-To-Gold Ratio

Sigel wrote on X that if Bitcoin regains the 35x BTC/XAU cross implied by current levels of the Buffett Indicator, the price target sits at $160,000. 

Bitcoin currently trades near $81,000 while gold prices hover around record highs, leaving the current Bitcoin-to-gold ratio at roughly 17x.

A chart shared by Sigel compared the BTC/XAU ratio against the Buffett Indicator, which measures the total value of the US stock market relative to GDP. 

It showed a widening divergence through 2025 and 2026, as equities climbed to 230% of GDP while Bitcoin lagged.

Sigel argued that the ratio remains well below historical levels seen during periods when US equities traded at…

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Here are the key analyst insights:

Needham analyst John Todaro reaffirmed a Buy rating, while raising the price target from $130 to $150.

Citizens JMP Securities analyst Devin Ryan reiterated a Market Perform rating on the stock.

Check out other analyst stock ratings.

Needham: Circle Internet Group reported revenues of $694 million. It narrowly missed Street expectations of $715 million, while delivering earnings of 21 cents per share above consensus estimate of 19 per share.

RLDC (revenue less distribution costs) margin expansion drove the earnings beat, , Todaro said in a note.

“Circle had one of its most impressive quarters yet in our view, as the company rolled out a robust set of…

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Sharplink Gaming Inc. (NASDAQ:SBET) has posted a $686 million net loss in Q1, yet TD Cowen reiterated its buy rating with a $16 price target, implying 106% upside from Monday’s close at $7.76.

Revenue Jumps From $742,000 To $12.1 Million

Sharplink reported Q1 2026 revenue of $12.1 million on Monday, up from just $742,000 in the same period last year. 

The company pointed to staking income from its treasury strategy as the main driver.

The net loss of nearly $686 million came mostly from unrealized losses tied to Ethereum (CRYPTO: ETH) price declines. 

Ethereum was trading around $3,000 at the beginning of 2026 before dropping roughly 40% to $1,800 and closing the quarter at nearly $2,000.

Benzinga

Bitcoin (CRYPTO: BTC) is approaching its closely-watched 200-day moving average, a level that has historically acted as major resistance during prior bear markets.

Historically Similar Pattern

In a podcast on May 11, crypto analyst Benjamin Cowen compared the current setup to both the 2018 and 2019 cycles.

In 2018, Bitcoin formed a February low, a higher low in April, then rallied into the 200-day moving average before rolling over later in the year.

The current structure looks strikingly similar, with Bitcoin bottoming near $60,000 before forming a higher low around $64,000-$65,000.

The key debate now is whether Bitcoin follows the 2018 path, where the rally failed, or the 2019 scenario,…

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