Circle is the company that developed USDC, the No. 2 U.S. dollar stablecoin in terms of market cap behind Tether. Circle’s business is built around USDC, and in contrast to Tether its developer has committed itself to backing every USDC with liquid assets (mainly U.S. Treasury bonds, as well as cash and cash equivalents). The idea here is to build and establish USDC as a go-to dollar stablecoin, and so far it seems to be working. The token’s market cap has more than tripled during the past two years, rising from about $25 billion to its current $78.3 billion. The company managed to boost its top line by 66% year over year to $740 million in its most recently reported quarter.
Bullish is a cryptocurrency-related stock. The company operates a cryptocurrency exchange, led by former New York Stock Exchange (NYSE) President Tom Farley and backed by high-profile tech investor Peter Thiel’s Founders Fund and Thiel Capital. It launched spot crypto trading at the beginning of October, after its August initial public offering (which, by the way, Ark invested in). The company is growing, with its adjusted revenue rising 72% year over year to $76.5 million in its third quarter. Thanks largely to a significant change in the fair value of its investment in financial assets, it reported net income of nearly $18.5 million, compared to a year-ago net loss of $67 million.
Schrödinger, the only non-crypto stock in our trio. The company specializes in drug discovery and materials design. It offers assistance in these areas through its proprietary, physics-based, and AI-enhanced software platform. Schrödinger both licenses this (mainly to healthcare companies) and utilizes it for its own research efforts into potentially useful medicines. Schrödinger is also generating revenue from upfront payments and licenses, demonstrating its growing business model.
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