Thursday brought a wave of volatility to the crypto sector. Major crypto-related stocks like Coinbase (COIN), MicroStrategy (MSTR), and Marathon Digital (MARA) dropped between 4% and 5%, while newcomer Circle – the issuer of USDC – made a dazzling debut on the New York Stock Exchange (NYSE), with its shares (CRCL) soaring by as much as 168%.


🔹 Capital Rotation Hits Established Players

Investors appear to be rotating funds toward promising new IPOs. MicroStrategy lost 2.46%, erasing its recent gains, despite founder Michael Saylor continuing to aggressively increase the firm’s Bitcoin holdings – adding 705 BTC earlier this week.

Coinbase closed 4.61% lower at $244, even after a strong 25% rally over the past month. Bitcoin miner Marathon Digital also saw a drop of over 5%, signaling overall bearish sentiment among publicly traded crypto firms.


🔹 Circle IPO Grabs Wall Street's Attention

Circle went public at $31 per share and quickly surged to an intraday high of $103.75 before closing at $83. Trading volume reached over 46 million shares—far exceeding its free float—and marking one of the year’s most eye-catching IPOs.

However, not everyone is cheering. Former BitMEX CEO Arthur Hayes compared the surge in crypto IPOs to the 2017 ICO boom, saying:

“This is the beginning of mania,” he wrote on X. He warned that a wave of crypto IPOs could drain substantial fiat capital from the market.

A former Goldman Sachs tech IPO analyst added that early IPO price jumps are often engineered by bankers to attract retail investors. He recommends waiting 90 to 180 days post-IPO before considering entry, as this allows the market to better assess the true value.


#stockmarket , #MSTR , #MARA , #USDC , #WallStreet

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