$CRCL

Does he own it?

A Feb 7 portfolio-breakdown post lists CRCL at 2.5% under digital-asset exposure. He also says CRCL is "in my portfolio" (not all green) and refers to CRCL among his "positions" whose dollar values he won't post. He repeatedly claims going long it. Undercut only by the small weight and heavy coverage/victory-lap tone.

His thesis

Bullish on Circle as a stablecoin play. Core argument: watch operating fundamentals (USDC circulating supply, interest rates, crypto regulation) rather than charts or sentiment. After the post-IPO/lockup crash reset the valuation to roughly $12B, he called it a strong buy near $54, arguing USDC adoption keeps growing and stablecoins will disrupt card networks and interchange fees long term. Key risks he flags are rate cuts hurting net income and the bank-lobbied Clarity/GENIUS Act banning stablecoin yields.

How his view evolved

Early Jan: strong-buy in a ratings list. Feb: aggressively bullish on the crash to ~$54, sized at 2.5%. Mar-Apr: repeated victory laps as it doubled, plus secular stablecoin-vs-cards thesis. Later tempered by Clarity Act regulatory worry.

Key points

• Bought the post-crash reset near $54, citing growing USDC supply over chart sentiment
• Held at a small 2.5% weight as a crypto recovery trade
• Sees stablecoins disrupting card networks/interchange, but flags rate cuts and bank-lobbied regulation as risks

Derived from a holistic read of his public posts — paraphrased, never quoted. See his actual posts about $CRCL on X ↗