Circle Internet Group (CRCL): A unique asset in the crypto ecosystem, with a healthy growth outlook, although valuation appears elevated; initiate at Neutral

Key Data __________________________________GS Forecast ________________________________GS Factor Profile ____________________________Source: Company data, Goldman Sachs Research estimates. See disclosures for details. Market cap: $43.6bn 3m ADTV: NA United States Americas Banks and Advisors M&A Rank: 3 12/25E 12/26E 12/27E Revenue ($ mn) 658.9 951.1 1,053.4 1,324.4 EPS ($) 0.00 1.29 1.30 2.03 P/E (X) NM 140.1 138.9 89.0 P/B (X) NM 15.5 14.9 14.0 ROA (%) 0.6 0.4 0.2 0.2 ROE (%) 47.2 20.9 12.9 18.7 Dividend yield (%)--0.0 0.0 0.0 6/25E 9/25E 12/25E EPS ($) 0.34 0.37 0.30 0.28 CRCL relative to Americas Coverage CRCL relative to Americas Banks and Advisors Growth Financial Returns Multiple Integrated Percentile 20th 40th 60th 80th 100th We initiate coverage of stablecoin issuer Circle Internet Group (CRCL) with a Neutral rating and an $83 12-month price target, based on 60.0x Q5-Q8 adjusted earnings, implying 54% downside. CRCL is a unique asset in the public markets, as the only pure play