Circle's stock price has experienced significant fluctuations since its IPO: soaring from a high of 31 to 298.99, and then rapidly falling below 200. Yesterday's rebound was 10%, with divergent short-term trends. Before making a trading decision, the following fundamentals are worth paying attention to 👇 Concerns about yield structure: The actual annualized yield of USDC reserves is 2.77%, significantly lower than the yield of six-month US Treasury bonds (4.2%) during the same period. In the potential interest rate cut cycle, the company's spread space will further narrow. Revenue sharing mechanism: According to the existing agreement, Circle needs to share the USDC investment income with Coinbase, and Coinbase will receive approximately 61.5% revenue sharing in 2024. Significant valuation premium: Currently, Circle's valuation is significantly higher than the industry median in multiple dimensions, at 1.8 times, 3 times, and 11.5 times, respectively. The reasonableness of the valuation deserves reassessment. Deviation in equity structure: Institutional investors hold only about 10% of the shares, much lower than Coinbase's 30%, which may limit market confidence in its liquidity and stability. Can future growth support stock prices? Should I get on or off now? Our research report has uncovered a lot of information that many people are unaware of.