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06/22 20:20
Wall Street analyst predicts major upside for crypto's most subscribed IPO
A Wall Street analyst is making a bold call on Circle Internet Group (NYSE: CRCL).
Circle is best known as the company behind the world's second-largest stablecoin, USDC, and one of the most heavily oversubscribed crypto initial public offerings of 2025.
Circle debuted on the New York Stock Exchange (NYSE) on June 5, 2025, after pricing its IPO at $31 per share, above its marketed range, and raising roughly $1.05 billion. The offering was reportedly about 25 times oversubscribed, and shares rocketed almost 167% on day one.
Related: Coinbase buys stake in Circle as USDC pursues stablecoin market share
A bullish call on a battered stock
Jason Kupferberg of Wells Fargo reiterated his buy rating on Circle with a $142 price target, implying roughly 79% upside from current levels. At press time, Circle was trading down 1.39% intraday at $79.17.
The optimism comes even as the USDC issuer's stock has struggled, sliding more than 30% over the past month.
Year-to-date, the stock is essentially flat with a 0.23% decline, but the longer view is harsher. Shares have fallen more than 67% over the past year.
Kupferberg's target signals confidence that the sell-off has overshot, leaving substantial room for recovery.
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Why regulatory clarity could be a catalyst
Much of the bull case hinges on a friendlier regulatory backdrop. The Digital Asset Market Clarity Act, better known as the CLARITY Act, advanced out of the Senate Banking Committee following a markup in May 2026 and now sits on the Senate calendar awaiting a floor vote.
The White House has targeted July 4 for passage, though tight legislative deadlines could push that date.
The bill aims to draw clear lines between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) oversight of digital assets. Circle stands to benefit directly, particularly as it expands USDC into machine-to-machine payments and tokenized markets through offerings such as Circle Agent Stack. Clearer federal stablecoin rules would strengthen that push.
Related: Wall Street's biggest stablecoin IPO, makes a sudden $4.4 billion move
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