Fintech company issuing USDC stablecoin and providing digital currency infrastructure and payments.Yahoo Finance ↗circle.com ↗
2 takes · first discussed Apr 5, 2025 · last Jun 21, 2025
Every call, plotted at the price the day they made it.
Sacks views Circle's USDC stablecoin as a well-structured vehicle that could serve as a permanent bid for US Treasuries, making it strategically important and potentially very valuable if stablecoin legislation passes permissively.
Thomas LaFont highlights Circle's 25x oversubscribed IPO and 6x post-IPO performance as evidence that crypto-levered growth companies are commanding a valuation premium as investors seek high-growth alternatives to the S&P 493.
Both Sacks and guest Thomas LaFont hold bullish, medium-conviction views on Circle, though their rationales differ in focus. Sacks emphasizes Circle's structural importance as an issuer of USDC, arguing that its role as a sustained buyer of U.S. Treasuries makes it strategically valuable — contingent on sufficiently permissive stablecoin legislation passing. LaFont, speaking later in June 2025, points to Circle's market reception as the key signal, citing a 25x oversubscribed IPO and roughly 6x post-IPO price appreciation as evidence that investors are paying a premium for crypto-levered growth companies disrupting traditional finance. Together the hosts converge on a bullish stance, with Sacks grounding his view in policy and macro utility while LaFont focuses on investor demand and valuation momentum.
Sacks views Circle's USDC stablecoin as a well-structured vehicle that could serve as a permanent bid for US Treasuries, making it strategically important and potentially very valuable if stablecoin legislation passes permissively.
What Circle does is I think quite structured and, you know, well— the legislation needs to be incredibly permissive because to your guys' point, we would want the bid to US treasuries to exist and to be as ferocious as possible.”1:23:35
Thomas LaFont highlights Circle's 25x oversubscribed IPO and 6x post-IPO performance as evidence that crypto-levered growth companies are commanding a valuation premium as investors seek high-growth alternatives to the S&P 493.
Circle, 25x oversubscribed, 6x from its opening price, $48 billion market cap... if you're levered to any of those two trends, you're off to the races because it's just so disruptive.”59:58