What smart money is saying about Circle
3 funds in our archive have pitched Circle — most recently Baillie Gifford Worldwide Positive Change Fund in June 2026.
Circle Internet Group, Inc. establishes and maintains the core infrastructure for stablecoin and blockchain-based applications, functioning as a foundational platform and network for this innovative financial technology. The company offers an extensive array of stablecoin products and services, empowering organizations to harness the benefits of digital currencies and the evolving internet-driven financial ecosystem. Notably, it is a prominent issuer of a stablecoin pegged to the U.S. dollar. Its robust digital asset network encompasses proprietary Circle stablecoins, tokenized investment funds, liquidity provision, payment processing solutions, and comprehensive support for both developers and system integration. Founded in 2013, the firm maintains its headquarters in New York, New York.
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Position history
Between Q3 2025 and Q3 2026, 5 fund letters reported a position in Circle — 2 opened or added to the position.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 2 | 0 | 0 | 0 |
| Q2 2026 | 3 | 2 | 0 | 2 |
| Q3 2025 | 0 | 0 | 0 | 1 |
Fund activity · 5 positions · 2 moves
- September 2026
“Eternal rose as the company continued to execute across both food delivery and quick commerce while peers have struggled to balance growth and profitability. Circle rose as digital asset prices rallied (perhaps reflecting concerns about fiat currency debasement) and as an industry regulatory framework emerges despite setbacks in the CLARITY Act.”
Circle - September 2026
“Top contributors to performance for the quarter included US cybersecurity software leader CrowdStrike, Indian digital payments company One 97 Communications (Paytm), US data center software provider Snowflake, Indian food delivery and quick-commerce company Eternal, and US-based fintech platform and stablecoin issuer Circle Internet Group. CrowdStrike benefited from rising demand for AI-related security as agent proliferation creates an increasingly challenging cyber environment, and as CrowdStrike shows evidence that the heightened AI threat environment is resulting in monetizable business opportunities for the company. Paytm rose as a merchant discount rate on India’s Unified Payments Interface was introduced which will improve the company's payment economics, while its core merchant lending business continued to scale up steadily; small and midsized lending in the Indian banking sector grew at a high-teens rate in recent months, and Paytm’s merchant lending business has compounded well above those rates. Snowflake benefited from continued demand acceleration as customers increasingly leverage the company as a core part of their AI and data strategies, and as the company’s CoCo agent proliferates in enterprises. Eternal rose as the company continued to execute across both food delivery and quick commerce while peers have struggled to balance growth and profitability. Circle rose as digital asset prices rallied (perhaps reflecting concerns about fiat currency debasement) and as an industry regulatory framework emerges despite setbacks in the CLARITY Act.”
Circle - June 2026
“Bottom contributors to performance for the quarter included Chinese AI model company MiniMax, Chinese platform company Tencent, Chinese Internet leader Alibaba, US-based stablecoin issuer Circle Internet Group, and US-based fintech provider Coinbase. MiniMax declined due to concerns about increasing competition among Chinese large language model (LLM) players after DeepSeek launched its latest model at a low token price, even as the company continued to see strong token demand and revenue ramp up. Tencent declined as investors debated the company’s AI positioning and the potential need to accelerate investments, despite progress in both agent ecosystem adoption and foundational model investment. Alibaba declined as concerns about e-commerce weakness and investment-related cash flow pressure overwhelmed optimism about the company’s AI and cloud businesses. Circle declined due to emerging stablecoin competition, digital asset market weakness, and limited progress on the CLARITY Act.”
Circle - New positionBaillie Gifford Positive Change StrategyJune 2026
“We also initiated positions in Intuit and Circle, where short-term pressures have created uncertainty, but where we see significant long-term opportunity.”
Circle - New positionBaillie Gifford Worldwide Positive Change FundJune 2026
“We also took advantage of an attractive valuation to initiate positions in software company Intuit and in financial technology company Circle . This stablecoin issuer is building infrastructure for digital asset payments.”
Circle
Also mentioned · 1
These funds discuss Circle — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedKinsman OakJune 2025
Named in a table in Kinsman Oak’s letter.
Circle
Fund coverage · 3 theses
Circle issues stablecoins and is building infrastructure for digital asset payments, viewed as a long-term opportunity at an attractive valuation.
Read the full thesis- Jacob Funds ManagementApril 2026
Circle Internet Group is a stablecoin and blockchain payments platform that benefits from rapid USDC growth and a potential adoption inflection point.
Read the full thesis - Jacob FundsSeptember 2025
Circle Internet Group is a growing digital financial infrastructure provider and the issuer of USDC, the second-largest stablecoin, which benefits from regulatory support and partnerships that enhance its market position.
Read the full thesis
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