In June 2023, the U.S. stock market's cryptocurrency sector performed strongly, with stablecoin issuer Circle (CRCL) seeing a 700% increase in stock price within three weeks, surpassing $214, becoming the market focus. Tron went public on Nasdaq through a reverse merger, with its affiliate SRM Entertainment surging 526% in a single day, raising its market value to $158 million.

Favorable policies boosted industry enthusiasm, as the U.S. "GENIUS Act" passed Senate review, providing a federal regulatory framework for stablecoins and stimulating related stocks to rise. MicroStrategy (now renamed Strategy), as a leader in Bitcoin reserves, saw its market value exceed $100 billion, prompting over 30 small and medium-sized companies to emulate the "crypto treasury" strategy.