On the opposite end of the spectrum, Jeff Cantwell of Seaport Research Partners has a Buy rating on Circle and a $280 price target. That’s the second-highest on Wall Streeet. Cantwell disagrees with Mizuho’s Dolev and isn’t worried about more competition, citing Circle’s “first-mover advantage.”

Circle Internet went public in June. The stablecoin issuer reported its first financial result today -- a $4.48-per-share loss. Circle's guidance for the rest of the year isn't particularly helpful to investors.

Circle Internet Group shares fell more than 5% in after-hours trading on Tuesday after the company said it will offer 10 million Class A shares to the public,