Jim Cramer on Circle Internet: "I Need it to Come Down"

Circle Internet Group (NYSE:CRCL) is one of the stocks that Jim Cramer discussed. A caller asked Cramer whether it would be wise to continue averaging down, hold, or sell their position in the stock, after purchasing shares before and during the recent pullback, bringing their average cost to the low $160s. In response, he said:

“The way you like to do this thing is when you have a high basis like that, you’ve gotta wait until a substantial decline to be able to bring your basis down. I think under a 100 will be the next time I would buy that. They’re very proud people. They’re never going to tell you, listen, our stock’s not, you know, is not worth 30 billion. But I’ve gotta tell you, I need it to come down because I don’t make a lot of money recommending companies that are losing a lot of money other than if they’re nuclear or quantum.”

Circle Internet Group (NYSE:CRCL) provides stablecoin and blockchain infrastructure and offers a platform for payments, liquidity, and developer services. The company issues a U.S. dollar-backed stablecoin and supports a suite of related financial products.

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Disclosure: None. This article is originally published at Insider Monkey.