Circle Surges Amid Optimism Over Own Blockchain, Legislation

Circle Internet Group Inc.’s shares jumped as much as 14% amid optimism over the prospects of the stablecoin issuer’s ARC blockchain project and as US lawmakers move toward considering a landmark digital asset bill.

The stock had initially declined after the New York-based company reported that first-quarter net income fell and revenue increased less than analysts had expected. Net income from continuing operations dropped 15% to $55 million, or 21 cents a share, as operating expenses and compensation costs rose. Revenue and reserve income increased 20% to $694 million, but missed expectations of $720.8 million.