Jim Cramer on Circle: "That One Flew Way Too Close to the Sun"

Circle Internet Group (NYSE:CRCL) is one of the stocks Jim Cramer commented on. When a caller inquired about the stock, Cramer said:

Circle Internet, yeah, no, I don’t really want to own that. Look, maybe it bounces, and then you can say goodbye. But that one, that one flew way too close to the sun, and you don’t want to be the first man on the sun. I know what that’s like.

Circle Internet Group (NYSE:CRCL) operates a stablecoin-based financial platform that helps organizations move money and build applications using digital assets. Cramer mentioned the stock during the January 7 episode and said:

Alright, let’s start with Circle Internet Group. Let me explain how this works. This is a stablecoin issuer. On paper, this one’s a standout. It’s up 160% from where it came public. But Circle’s IPO priced at $31, and then it opened at $69, then zoomed all the way to $299 in less than 3 weeks after it came public. Ever since, the stock’s practically been in freefall, now it’s back to $80 and change. So, sure, yes, it’s a big win if you got in on the IPO. Very few people did, but unless you did, well, you know what? You’re down big in this, big… Circle Internet came public, more than tripling in its first few days, I said you had to cool your jets. Good call. Of course, Circle proceeded to surge from $115 at the time to just under $300 over the next couple weeks… But if you sold when I went negative, you still would have avoided some massive losses down the road. Maybe that’s the key.

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