On-chain financial infrastructure is being repriced on Wall Street.

Author: jk, Odaily Planet Daily

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 U.S. stock market. This is not just a victory for one company, but a starting signal for on-chain finance to enter mainstream capital markets.

At the same time that Circle is leading the charge, a batch of U.S. stocks related to "on-chain asset vaults," "compliant stablecoins," and "Web3 mapped stocks" have also collectively surged. This round of market activity is clearly not just about rising token prices, but rather a process of repricing on-chain financial infrastructure on Wall Street.

Circle's stock price continues to surge, nearly 390% increase since listing

Circle's stock price has soared again. On June 16 (this 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.

From the closing price of around $115 in the first week after its listing on June 7, Circle has accumulated over 31% increase this week. If calculated from the IPO issuance price of $31, its latest price indicates a surge 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, Circle's stock price began to rise sharply on the afternoon of June 13, and without any major positive news, it opened high on June 16 at $164.68, briefly reaching $165.60 before pulling back, indicating significant capital inflow and heightened market sentiment.

The logic behind Circle's sustained rise is quite clear.

First, it has a 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 U.S. Treasury bonds and cash, earning a stable interest spread. This "stablecoin interest spread model" not only has stable cash flow and extremely low volatility, but is also particularly scarce 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 U.S. Treasury bonds, cash, audit arrangements, etc. This disclosure standard has established a regulatory template for operating "on-chain dollars," setting a very high competitive threshold for other stablecoin projects.

Recent performance of U.S. crypto concept stocks

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

• SRM Entertainment (NASDAQ: SRM) – Current price is about $9.19, up approximately 534% from levels below $1.5 in early June. On June 16, the stock surged over 5 times in a single day, with its market cap skyrocketing from tens of millions to about $158 million. The surge was due to the company's announcement of securing $100 million in investment and launching a token vault strategy for the TRON network, becoming the "Tron version of MicroStrategy betting on crypto asset reserves."

• SharpLink Gaming (NASDAQ: SBET) – Current price is about $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, the stock price plummeted over 70% from June 12-13. After market sentiment stabilized on June 16, SharpLink rebounded 45.6% to above $13. Currently, its market cap is about $817 million. Although it has seen a significant drop from early June levels, it is still several times higher than before the announcement of its crypto strategy.

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

• MicroStrategy (NASDAQ: MSTR) – Current price is about $382. The company has rebranded as "Strategy," positioning itself as the world's largest Bitcoin reserve company, holding the most Bitcoin among publicly traded companies. 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.

• Coinbase (NASDAQ: COIN) – After-hours current price is about $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 U.S., 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 has started on Wall Street

From Circle leading the charge, 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 fits 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 gaining valuation dividends.

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