Circle's Stock Price Surges Over 25% Following Release of Strong Earnings Report

Circle, a leading fintech company that specializes in stablecoins, released its quarterly earnings report on Wednesday morning. The news sent shockwaves through the crypto market, with Circle's stock price skyrocketing over 25% by midday.

The company reported total revenue growth of 77% to $770 million during the fourth quarter, and net income for the quarter increased by $129 million. Adjusted EBITDA also grew 412% during the quarter.

For the full year, Circle's total revenue grew 64% to $2.7 billion. This positive earnings news offered investors some relief, as the company's stock had been down roughly 14% over the past month and 51% over the past six months.