Circle: Coinbase Confirmed Where Hyperliquid's Yield Went

Circle Internet Group is rated HOLD with a 12-month price target of $73, 8% below the recent close. CRCL's margin ('keep') is pressured by reserve income shifts to Coinbase, dropping to ~36.4% in Q3, with further downside risk. ARC token presale revenue could temporarily boost reported margins, but underlying business is shrinking (~7% YoY).