On May 19, 2025, Coinbase Global (stock code: COIN) was officially included in the S&P 500 index, marking a gradual entry of cryptocurrency stocks into the mainstream. Subsequently, stablecoin issuer giant Circle Internet Group (stock code: CRCL) went public on the New York Stock Exchange on June 5, with an IPO price of $31. By June 19, the stock price had surged over 600%, ushering in a "meme coin season" in the U.S. stock market.

Cryptocurrency enterprise stocks are becoming a unique "crypto hotspot": traditional market investors are beginning to pay attention to companies in the crypto industry, while those in the crypto circle view the price fluctuations of crypto stocks as one of the indicators of market changes. This article will outline the recent speculative targets of crypto concept stocks in the U.S. stock market.

Note: This article was written on June 19. Due to the escalation of the Middle East war situation, the current stock prices may differ from those mentioned in the text.

Circle and Stablecoin Concept

Circle Internet Group (stock code: CRCL)

Listing Date: June 5, 2025 | Exchange: NYSE | Stock Code: CRCL | Market Cap: Approximately $42 billion

On June 5, 2025, "the first stablecoin stock," Circle Internet Group (stock code: CRCL), officially landed on the New York Stock Exchange, becoming the first large cryptocurrency enterprise to successfully IPO since Coinbase. The IPO was priced at $31, and on the first day, it doubled. As of June 19, the stock price had soared to $199.81, setting a new record for the cumulative performance of U.S. stock IPOs in three days since 2020.

Circle was founded in 2013, initially entering the market with the P2P payment application Circle Pay. It once ventured into exchange operations (such as Poloniex) but did not achieve breakthroughs. In 2018, Circle began to transition to the stablecoin sector, collaborating with Coinbase to focus on the issuance and management of USDC. Currently, USDC is widely used on multiple platforms, including Binance and Uniswap, becoming one of the most active stablecoins in DeFi and cross-border payments.

Against the backdrop of the implementation of the GENIUS Act in the U.S. and stablecoin regulatory regulations in Hong Kong, the surge in CRCL not only reflects market recognition of its fundamentals and revenue model but also indicates a concentrated bet on the future value of the stablecoin sector. Stablecoins are gradually evolving from marginal tools to core infrastructure, with major financial institutions on Wall Street frequently signaling intentions to issue stablecoins. The scarcity of Circle, combined with policy dividends, has driven its valuation to soar.

In addition, Circle continues to expand its landing scenarios in various directions, including global cross-border clearing, on-chain settlement, and government cooperation. More and more enterprises are using USDC as a real-time stable payment method to replace SWIFT, attempting to build a more efficient and transparent flow of funds network using blockchain technology. In the future, CRCL's performance will not only be a valuation judgment by investors on a technology company but also a pricing of the possibilities of a new generation of global payment systems.

Coinbase Global (stock code: COIN)

Listing Date: April 14, 2021 | Exchange: NASDAQ | Stock Code: COIN | Market Cap: Approximately $75 billion

Coinbase was founded in 2012 and serves over 120 million users across more than 100 countries. The platform supports trading of various crypto assets and provides retail and institutional services, including Coinbase Custody and Prime, managing assets exceeding $200 billion. Coinbase holds licenses in multiple U.S. states and continues to delve into public chains, infrastructure, payments, and other crypto fields.

Recently, the Coinbase ecosystem has welcomed multiple significant updates: its Layer 2 network Base has performed well, with DeFi TVL exceeding $5 billion, and it announced the integration of DEX on Base into the main application to inject liquidity into on-chain assets; simultaneously, it partnered with Shopify to launch a USDC checkout feature, promoting the commercial payment application of stablecoins; on the consumer side, it collaborated with American Express to launch the first crypto credit card, Coinbase One Card; in addition, Coinbase has also launched CFTC-compliant perpetual contract features in the U.S. and acquired the options exchange Deribit, accelerating its layout in the derivatives market.

Behind the surge of CRCL, the market seems to overlook that Coinbase is the biggest winner in this feast. USDC was jointly launched by Circle and Coinbase in 2018 through the Centre alliance, and after the alliance was dissolved in 2023, Coinbase acquired equity in Circle in August of the same year. According to Circle's IPO documents, Coinbase receives half of the remaining income from Circle's USDC reserves, effectively "earning" 50%.

"Bitcoin Reserve" Concept

MicroStrategy Incorporated (stock code: MSTR)

Listing Date: June 1998 | Exchange: NASDAQ | Stock Code: MSTR | Market Cap: Approximately $103 billion

Before venturing into the crypto space, MicroStrategy's core business was providing business intelligence software platforms to help enterprises with data analysis, reporting, and information dissemination, which performed rather unremarkably. What truly brought MicroStrategy into the mainstream spotlight was its Bitcoin strategic reserve strategy.

Since August 2020, CEO Michael Saylor took the lead in adopting Bitcoin as the primary reserve asset on the company's balance sheet, continuously increasing its BTC holdings through methods such as issuing convertible bonds. As of mid-2025, the company holds over 500,000 Bitcoins, accounting for nearly 3% of the global Bitcoin circulation, and has committed to "not selling a single Bitcoin."

This strategy has made MicroStrategy a "quasi-ETF" target for Bitcoin concepts in the U.S. stock market, providing many institutional investors with a channel to "indirectly hold Bitcoin through traditional financial markets." Benefiting from the continuous rise in Bitcoin prices, MSTR's stock price has surged from $12 in 2020 to over $360, an increase of more than 30 times, with a correlation of 0.7-0.9 between its market cap and Bitcoin prices, indicating a very strong positive correlation.

In the context of the accelerated financialization of Bitcoin, the approval of ETFs, and the surge in institutional allocation demand, MicroStrategy's "BTC-based" strategy is no longer an isolated case but has evolved into a barometer for the entire crypto industry. Its pioneering model has triggered a chain reaction, with more and more companies beginning to emulate the "MicroStrategy path"—actively buying Bitcoin through financing, bond issuance, and incorporating it into their balance sheets, sparking a new wave of "public companies hoarding Bitcoin."

GameStop Corp. (stock code: GME)

Listing Date: June 2002 | Exchange: NYSE | Stock Code: GME | Market Cap: Approximately $10.5 billion

GameStop is a U.S.-based multichannel video game and consumer electronics retailer, with operations in the U.S., Canada, Europe, and Australia. The company sells new and used game consoles, physical and digital game software, and various accessories through its brands, including GameStop, EB Games, and Micromania, with hardware and peripherals being its main source of revenue.

In February 2025, CEO Ryan Cohen met with MicroStrategy founder Michael Saylor, and this meeting was seen by the market as an important signal that GameStop would emulate MicroStrategy's "hoarding Bitcoin" model. In March, the company announced plans to adopt Bitcoin as a reserve asset. The stock price surged by 12% in March. Rumors in February also contributed to an 18% increase in GME's stock price.

By the end of May, the company confirmed it had purchased approximately 4,710 Bitcoins (worth about $513 million), officially incorporating Bitcoin into its balance sheet and joining the "MicroStrategy model," making it the 13th largest Bitcoin-holding company globally. Following the short-term news stimulus, on June 11, the company announced a $1.75 billion note issuance plan for Bitcoin's strategic reserve. After the note issuance news was announced, GME's stock price fell over 11% in after-hours trading on June 11, and on June 12, GME's stock price plummeted over 23%, partly due to a 17% decline in first-quarter revenue to $732.4 million, and also reflecting investor concerns about potential share dilution and Bitcoin investment strategies. Recently, GME completed a $2.25 billion issuance of convertible senior notes to strengthen its Bitcoin strategy. GME's stock price closed at $22.99 on June 17, down about 1.4% for the day.

Trump Media & Technology Group Corp (stock code: DJT)

Listing Date: September 2021 | Exchange: NASDAQ | Stock Code: DJT | Market Cap: Approximately $5.1 billion

Trump Media & Technology Group is a comprehensive technology company focused on social media, digital streaming, and technology infrastructure. Its flagship product, Truth Social, aims to create a public opinion space that encourages free speech and decentralized censorship, and it is also an important Trump concept stock.

On May 27, 2025, DJT suddenly announced the launch of a $2.5 billion Bitcoin treasury strategy, explicitly incorporating Bitcoin into its asset reserves for "financial stability and long-term value storage." This news directly stimulated a short-term rise in Bitcoin of 1.17%, pushing the price above the $112,000 mark. Following the announcement, DJT's stock price experienced a rollercoaster of fluctuations, initially rising in pre-market trading before briefly dropping nearly 12%, marking the largest single-day decline since March 10, 2025, reflecting market investors' concerns about Bitcoin investments.

In June, DJT announced that its S-3 registration statement was approved by the SEC and immediately initiated equity and convertible bond agreements with approximately 50 investors, raising a total of up to $2.3 billion. According to disclosures, most of this financing will be directly used to purchase Bitcoin, making DJT another large U.S. publicly listed company to treat Bitcoin as a strategic asset reserve following MicroStrategy.

Other Companies

What was once considered a high-risk niche strategy by MicroStrategy is evolving into a mainstream narrative path that companies across industries are eager to emulate five years later. More and more enterprises are beginning to incorporate crypto assets into their reserve systems, attempting to reconstruct their valuation logic through "crypto reserves + capital market leverage."

Fitness equipment manufacturer Interactive Strength (stock code: TRNR) and medical company Semler Scientific (stock code: SMLR) have both invested in Bitcoin, approving investment plans of up to $5 million and 1,570 Bitcoins, respectively. AI company Genius Group (stock code: GNS) is also not falling behind, spending $14 million to purchase 153 Bitcoins. Additionally, several other companies, such as Rumble (stock code: RUM), Anixa Biosciences (stock code: ANIX), and LQR House (stock code: YHC), have joined the ranks of Bitcoin investors.

"Coin-Stock Integration" Concept

SharpLink Gaming (stock code: SBET)

Listing Date: May 1997 | Exchange: NASDAQ | Stock Code: SBET | Market Cap: Approximately $600 million

SharpLink Gaming is an online technology company operating in the fields of sports betting and online casino games, connecting sports fans with licensed online sports betting operators to provide personalized betting offers. The company's performance has not been ideal, with consecutive years of losses. In 2023, the net profit was -$14.2432 million, and total revenue in 2024 was -$4.5712 million.

On May 27, SharpLink Gaming issued 69,100,313 shares of common stock or equivalent securities to investors at a price of $6.15 per share, expecting total proceeds of approximately $425 million. The funds raised will be used to purchase Ethereum as the company's primary treasury reserve asset. The lead investor in this private placement was Consensys Software Inc., with participation from ParaFi Capital, Electric Capital, Pantera Capital, Galaxy Digital, and others.

After the announcement, SBET's stock price surged over 650% in a single day, with a cumulative increase of 17.56 times over three days, reaching a peak price of $120. The company subsequently submitted an S-3 registration statement to the SEC for future securities sales. Although the company clarified that the news was actually misunderstood and did not imply immediate share dilution, the stock price still fell significantly, nearly erasing all recent gains.

SBET may have quickly experienced its "MicroStrategy" surge in the short term, but it then plummeted back to its original point, suggesting that establishing cryptocurrency reserves may no longer be a guaranteed driver of stock prices.

DeFi Development Corp (stock code: DFDV)

Listing Date: July 2023 | Exchange: NASDAQ | Stock Code: DFDV | Market Cap: Approximately $460 million

DeFi Development Corp was originally a real estate financing company that used an AI-driven online platform to connect lenders and commercial real estate buyers. In April 2025, a team composed of former Kraken exchange executives purchased 728,632 shares of common stock in DeFi Development Corp, with former Kraken Chief Strategy Officer Joseph Onorati appointed as Chairman and CEO.

Subsequently, the company transformed into a Solana treasury company and made its first purchase of 2,858 SOL on April 8, achieving a tenfold increase in April. By the end of May, the company's SOL holdings had increased to 609,190, valued at over $97 million. The stock price again achieved a fivefold increase in May.

Trident Digital Tech Holdings (stock code: TDTH)

Listing Date: September 2024 | Exchange: NASDAQ | Stock Code: TDTH | Market Cap: Approximately $19 million

In June 2025, TDTH, a digital transformation leader based in Singapore, announced plans to raise $500 million to create the world's first large-scale corporate XRP reserve and plans to integrate XRP into its digital transformation services for real-time payments and DeFi applications. In the long term, it will involve holding, accumulating, and deeply participating in the Ripple ecosystem to improve its decentralized financial strategy. After the announcement, the stock price fell over 50% from $0.45 to $0.20.

Additionally, three other large companies have also announced plans to use XRP as an asset in their financial reserves for their payment infrastructure. Pharmaceutical company Wellgistics Health (stock code: WGRX) is investing $50 million in XRP; energy group VivoPower International (stock code: VVPR) plans to purchase $100 million of XRP; and hospitality industry leader Webus International (stock code: WETO) will raise $300 million to establish an XRP reserve. Following the announcements, the stock prices of these companies experienced a certain degree of decline, reflecting that altcoins like XRP have not yet gained recognition from mainstream financial institutions and remain high-risk investments.

SRM Entertainment, Inc. (stock code: SRM)

Listing Date: August 2023 | Exchange: NASDAQ | Stock Code: SRM | Market Cap: Approximately $190 million

On June 16, 2025, toy and souvenir design and development company SRM announced it had secured $100 million in equity investment to launch a TRON token (TRX) reserve strategy. At the same time, TRON blockchain founder Justin SUN was appointed as a company advisor and will work with Tron to go public on NASDAQ through a reverse merger.

After the announcement, SRM's stock price surged over tenfold, reaching an all-time high, with a market cap exceeding $100 million.

The surges of Circle and MicroStrategy have shown the market the vast growth potential of the stablecoin sector and the "MicroStrategy" model. More and more traditional financial institutions, tech giants, and small to medium-sized enterprises are participating in the stablecoin sector, building new financial strategies around cryptocurrency reserves. However, whether this model can withstand cycles and resist volatility still depends on long-term market testing and the companies' risk control capabilities.

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