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Side-by-side financial comparison of Circle Internet Group, Inc. (CRCL) and Metalpha Technology Holding Ltd (MATH). Click either name above to swap in a different company.
Circle Internet Group, Inc. is the larger business by last-quarter revenue ($739.8M vs $12.0M, roughly 61.5× Metalpha Technology Holding Ltd). Circle Internet Group, Inc. runs the higher net margin — 29.0% vs -24.0%, a 53.0% gap on every dollar of revenue. On growth, Circle Internet Group, Inc. posted the faster year-over-year revenue change (5113.5% vs -39.0%).
Circle is a payments technology company. Funded by Jeremy Allaire and Sean Neville in 2013, it is currently headquartered in New York City and issues two types of stablecoin: USDC, which has a conversion rate pegged to the U.S. dollar, and EURC, which is euro-denominated. It also issues USYC, a tokenized money market fund.
Metalpha Technology Holding LtdMATHEarnings & Financial Report
Metalpha Technology Holding Ltd is a global fintech firm specializing in digital asset wealth management, institutional-grade crypto investment services, and Web3 ecosystem infrastructure support. It serves professional investors, financial institutions, and high-net-worth clients across Asia, North America and Europe, with core segments including structured digital asset products, risk management solutions and DeFi technology development.
CRCL vs MATH — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $739.8M | $12.0M |
| Net Profit | $214.4M | $-2.9M |
| Gross Margin | — | 28.3% |
| Operating Margin | 11.0% | -24.2% |
| Net Margin | 29.0% | -24.0% |
| Revenue YoY | 5113.5% | -39.0% |
| Net Profit YoY | 202.0% | -147.7% |
| EPS (diluted) | $0.64 | $-0.07 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q3 25 | $739.8M | $12.0M | ||
| Q2 25 | $658.1M | — | ||
| Q1 25 | — | $24.8M | ||
| Q3 24 | — | $19.7M | ||
| Q2 24 | $6.8M | — |
| Q3 25 | $214.4M | $-2.9M | ||
| Q2 25 | $-482.1M | — | ||
| Q1 25 | — | $9.8M | ||
| Q3 24 | — | $6.0M | ||
| Q2 24 | $32.9M | — |
| Q3 25 | — | 28.3% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 85.7% | ||
| Q3 24 | — | 49.5% | ||
| Q2 24 | — | — |
| Q3 25 | 11.0% | -24.2% | ||
| Q2 25 | -49.5% | — | ||
| Q1 25 | — | 39.3% | ||
| Q3 24 | — | 38.9% | ||
| Q2 24 | — | — |
| Q3 25 | 29.0% | -24.0% | ||
| Q2 25 | -73.3% | — | ||
| Q1 25 | — | 39.6% | ||
| Q3 24 | — | 30.7% | ||
| Q2 24 | 486.5% | — |
| Q3 25 | $0.64 | $-0.07 | ||
| Q2 25 | $-4.48 | — | ||
| Q1 25 | — | $0.25 | ||
| Q3 24 | — | $0.16 | ||
| Q2 24 | $0.00 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $10.1M |
| Total DebtLower is stronger | — | $101.2K |
| Stockholders' EquityBook value | $3.0B | $35.1M |
| Total Assets | $76.8B | $413.8M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $1.3B | $10.1M | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | — | $6.9M | ||
| Q3 24 | — | $3.8M | ||
| Q2 24 | $457.5M | — |
| Q3 25 | — | $101.2K | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $188.0K | ||
| Q3 24 | — | $275.1K | ||
| Q2 24 | — | — |
| Q3 25 | $3.0B | $35.1M | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | — | $36.6M | ||
| Q3 24 | — | $25.3M | ||
| Q2 24 | $460.9M | — |
| Q3 25 | $76.8B | $413.8M | ||
| Q2 25 | $64.2B | — | ||
| Q1 25 | — | $246.8M | ||
| Q3 24 | — | $237.2M | ||
| Q2 24 | — | — |
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.01× | ||
| Q3 24 | — | 0.01× | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-10.7M | $3.3M |
| Free Cash FlowOCF − Capex | $-14.7M | — |
| FCF MarginFCF / Revenue | -2.0% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | -0.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-10.7M | $3.3M | ||
| Q2 25 | $303.7M | — | ||
| Q1 25 | — | $16.2M | ||
| Q3 24 | — | $-16.1M | ||
| Q2 24 | — | — |
| Q3 25 | $-14.7M | — | ||
| Q2 25 | $296.3M | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q3 25 | -2.0% | — | ||
| Q2 25 | 45.0% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q3 25 | 0.5% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q3 25 | -0.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.64× | ||
| Q3 24 | — | -2.66× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
