Original | Odaily Planet Daily (@OdailyChina)

Author | jk

Since its listing, Circle's stock price has skyrocketed, increasing nearly 390% in just ten days, with a market capitalization approaching $36.7 billion. Amid the ongoing global regulatory battle over crypto assets, Circle has taken the lead as the "first stock of stablecoins," successfully legalizing its presence in the US stock market. This is not just a victory for one company, but a starting signal for on-chain finance to enter the mainstream capital markets.

While Circle leads the charge, a group of crypto concept stocks related to "on-chain asset vaults," "compliant stablecoins," and "Web3 mapped stocks" have also collectively surged. This round of market activity clearly reflects not just an increase in token prices, but a revaluation of on-chain financial infrastructure on Wall Street.

Circle's Stock Price Continues to Surge, Up Nearly 390% Since Listing

Circle's stock price has soared again. On June 16 (this past Monday), the leading stablecoin company Circle (CRCL) closed up 13.10% at $151.06, reaching a high of $165.60 during the day, with an intraday fluctuation of over 10%. Even after a slight post-market adjustment to $147.45, it remains at a high level.

Starting from the closing price of around $115 in the first week after its June 7 listing, Circle has accumulated over 31% growth this week. If we consider the IPO issuance price of $31, its latest price indicates a staggering increase of 387.3%. Based on the current stock price and circulating supply, Circle's market capitalization has reached approximately $36.7 billion, up from $21 billion last week.

Circle's weekly stock chart, source: Yahoo Finance

From the chart, it can be seen that Circle's stock price began to rise sharply in the afternoon of June 13. Without any major positive news to stimulate it, the stock opened high and continued to rise on June 16, with an opening price of $164.68, peaking at $165.60 during the day before retreating for consolidation, indicating a significant influx of capital and heightened market sentiment.

The logic behind Circle's sustained rise is quite clear, as discussed in the previous article “Circle's First Week After Listing: Up 258% from Opening Price, Market Cap Exceeds $21 Billion”.

First, there is its solid profit model: Circle achieved approximately $1.7 billion in revenue in 2024, with as much as 99% coming from interest income on USDC reserves. Simply put, users exchange dollars for USDC, and these funds are then invested in low-risk assets like short-term US Treasury bonds and cash, earning a stable interest spread. This "stablecoin interest spread model" not only provides stable cash flow with extremely low volatility but is especially rare in the current high-interest-rate environment.

Secondly, Circle's compliance and transparency are also contributing factors. As the world's first publicly listed stablecoin issuer, Circle has thoroughly disclosed its reserve structure in its IPO prospectus: the proportion of US Treasury bonds, cash, audit arrangements, etc. This disclosure standard has established a regulatory template for operating "on-chain dollars," setting a high competitive barrier for other stablecoin projects.

Overview of Recent Performance of Crypto Concept Stocks in US Markets

In addition to Circle, several other stocks related to cryptocurrency concepts have also shown significant volatility in the US stock market recently. Below are the latest data on the price increases, current prices, market capitalizations, and a brief analysis of the reasons behind their movements since June 7, 2025:

• SRM Entertainment (NASDAQ: SRM) – Current price approximately $9.19, up about 534% from less than $1.5 in early June. On June 16, the stock surged over five times in a single day, with its market cap skyrocketing from tens of millions to about $158 million. The surge was driven by the company's announcement of a $100 million investment and the launch of a token vault strategy for the Tron (TRON) network, becoming the "Tron version of MicroStrategy betting on crypto asset reserves." (Additional reading: “Tron Merges with SRM Aiming for Nasdaq, Sun Yuchen's Move in the Stratosphere”)

• SharpLink Gaming (NASDAQ: SBET) – Current price approximately $13.41. This stock has experienced a rollercoaster ride: the company spent $463 million to acquire Ethereum (ETH) (a total of 176,271 coins) to implement a crypto asset vault strategy, becoming the company with the largest public market holdings of Ethereum. To finance this, the company issued a large number of new shares, and the stock price briefly reached $35 due to the hype around crypto market capitalization. However, it subsequently plummeted over 70% between June 12-13. After market sentiment stabilized on June 16, SharpLink rebounded 45.6% to above $13. Its current market cap is approximately $817 million. Although it has seen a significant drop from early June levels, it is still several times higher than the price before the announcement of its crypto strategy. (Additional reading: “After a 70% Plunge, Still at a 100% Premium? The Mystery of SharpLink's ETH Gamble Continues”)

• DeFi Development (NASDAQ: DFDV) – Current price approximately $31.06. On June 16, this stock rose about 20.7%, mainly driven by the company's announcement of a $5 billion equity allocation for a significant increase in Solana (SOL) holdings. DeFi Development aims to become a "Solana vault" type company and had held over 600,000 SOL tokens as of May, with plans for further investment through substantial credit. The stock price has accumulated an increase of about 30% since June 7, with a current market cap of approximately $458 million.

• MicroStrategy (NASDAQ: MSTR) – Current price approximately $382. The company has rebranded as "Strategy," positioning itself as the world's largest Bitcoin reserve company, holding the largest number of Bitcoins among publicly traded companies. Recently, the stock price has remained relatively stable, with a slight decline of about 2% since June 7. Based on the latest stock price, MicroStrategy's market cap is approximately $106.77 billion. As a Bitcoin proxy stock with a market cap exceeding $100 billion, its performance has been relatively steady. (Additional reading: “Strategy Model Gains Popularity, Can Token Prices Support Stock Prices?”)

• Coinbase (NASDAQ: COIN) – After-hours price approximately $255, slightly up from early June (about 5-6% increase). The current market cap is around $66 billion. As the largest cryptocurrency exchange in the US, Coinbase's stock price has gradually risen with the recovery of the crypto market, but the volatility is relatively lower than that of the aforementioned smaller concept stocks. Overall performance reflects a continued restoration of investor confidence in compliant leading exchanges.

Conclusion: The Crypto Bull Market Launches on Wall Street

From Circle leading the way, to the surges of SBET and SRM, and the steady progress of DFDV and Coinbase, the outbreak of this crypto bull market is no longer centered in the token market but has emerged in the secondary market on Wall Street. This is a brand new structural bull market—compliance disclosure, reserve assets, vault logic, stablecoin anchoring—forming a set of "on-chain financial framework" that adapts to the traditional financial system. Whether fund managers or retail traders, capital is being directed at an unprecedented speed towards a new direction: compliant crypto asset mapping companies.

While the regulatory framework has yet to be established and on-chain technology is still evolving, the capital market has already provided an answer: companies that are compliant, transparent, and have on-chain asset logic are beginning to receive valuation dividends.

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