On May 19, 2025, Coinbase Global (Stock Code: COIN) was officially included in the S&P 500 index, and cryptocurrency stocks are gradually entering mainstream view. Subsequently, stablecoin issuance giant Circle Internet Group (Stock Code: CRCL) listed on the New York Stock Exchange on June 5, with an IPO price of $31, and by June 19, the stock price had soared over 600%, ushering in a "meme coin season" in the U.S. stock market.
Cryptocurrency company stocks are becoming a special "crypto hotspot": traditional market investors are starting to pay attention to companies in the cryptocurrency industry, while cryptocurrency investors view the price changes of these stocks as one of the indicators of market shifts. This article will summarize recent speculative targets in U.S. cryptocurrency concept stocks.
Note: This article was written on June 19. Due to the escalation of the situation in the Middle East, current stock prices may differ from those mentioned in the article.
Circle and Stablecoin Concept
Circle Internet Group (Stock Code: CRCL)
Listing Date: June 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 listed on the New York Stock Exchange, becoming the first large cryptocurrency company to successfully IPO since Coinbase. The IPO was priced at $31, doubling on the first day, and by June 19, the stock price had soared to $199.81, setting a new record for cumulative performance of U.S. IPOs over three days since 2020.
Circle was founded in 2013, initially entering the market with the P2P payment application Circle Pay, and at one point ventured into exchange business (like Poloniex) but did not achieve breakthroughs. In 2018, Circle began transitioning to the stablecoin sector, partnering with Coinbase to focus on the issuance and management of USDC. Currently, USDC is already widely used on various platforms, including Binance and Uniswap, becoming one of the most active stablecoins in DeFi and cross-border payments.
In the context of the implementation of the GENIUS Act in the U.S. and the Hong Kong stablecoin regulatory framework, CRCL's surge is not only a recognition of its fundamentals and revenue model by the market but also reflects a concentrated bet on the future value of the stablecoin sector. Stablecoins are gradually evolving from marginal tools to core infrastructure, with large financial institutions on Wall Street frequently expressing intentions to issue stablecoins, and Circle's scarcity combined with policy dividends has driven its valuation to soar.
Additionally, Circle continues to expand landing scenarios in global cross-border clearing, on-chain settlement, and government cooperation. More and more companies 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 tech 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, serving over 120 million users across more than 100 countries. The platform supports various cryptocurrency transactions while providing 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 deepen its engagement in the fields of public chains, infrastructure, and payments.
Recently, the Coinbase ecosystem has welcomed multiple major updates: its Layer2 network Base has performed brilliantly, 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 collaborated with Shopify to launch a USDC checkout feature, promoting the commercial payment landing of stablecoins; on the consumer side, it partnered with American Express to launch the first cryptocurrency credit card, Coinbase One Card; in addition, Coinbase has also launched CFTC-compliant perpetual contract features in the U.S. and acquired options exchange Deribit, accelerating its layout in the derivatives market.
Behind the surge of CRCL, the market seems to have overlooked that Coinbase is the biggest winner of 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 earns half of the remaining income from Circle's USDC reserves, "lying down to earn" 50%.
"Bitcoin Reserve" Concept
MicroStrategy Incorporated (Stock Code: MSTR)
Listing Date: June 1998 | Exchange: NASDAQ | Stock Code: MSTR | Market Cap: Approximately $103 billion
Before entering the cryptocurrency space, MicroStrategy's core business was providing business intelligence software platforms to help companies with data analysis, reporting, and information dissemination, with unremarkable performance. What truly brought MicroStrategy into mainstream view was its Bitcoin strategic reserve strategy.
Since August 2020, CEO Michael Saylor has been the first to use Bitcoin as a primary reserve asset on the company's balance sheet, continuously increasing his BTC holdings through the issuance of convertible bonds. By mid-2025, the company held over 500,000 Bitcoins, accounting for nearly 3% of the global Bitcoin circulation, and pledged "not to sell a single Bitcoin."
This strategy has made MicroStrategy a "quasi-ETF" target for Bitcoin concepts in U.S. stocks, 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 soared from $12 in 2020 to over $360, an increase of more than 30 times, with the correlation between its market value and Bitcoin price ranging from 0.7 to 0.9, indicating a very strong positive correlation.
Against the backdrop of accelerating Bitcoin financialization, ETF approvals, and surging institutional investment demand, MicroStrategy's "BTC-based" strategy is no longer an isolated case but has evolved into a barometer for the entire cryptocurrency industry. Its pioneering model has triggered a chain reaction, with more and more companies beginning to emulate the "MicroStrategy Path"—actively buying Bitcoin and incorporating it into their balance sheets through financing, bond issuance, etc., sparking a new wave of "public company coin hoarding."
GameStop Corp. (Stock Code: GME)
Listing Date: June 2002 | Exchange: NYSE | Stock Code: GME | Market Cap: Approximately $10.5 billion
GameStop is a multichannel video game and consumer electronics retailer headquartered in the U.S., with business operations covering the U.S., Canada, Europe, and Australia. The company sells new and used gaming consoles, physical and digital games, and various accessories through its brands, including GameStop, EB Games, and Micromania, with hardware and peripherals being the main source of its 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 was emulating MicroStrategy's "coin hoarding" model. In March, the company announced plans to use Bitcoin as a reserve asset. The stock price soared 12% in March. Rumors in February also contributed to an 18% increase in GME's stock price.
At 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 strategic reserves. After the note issuance news was released, 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, as well as reflecting investor concerns over 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 technological infrastructure. Its flagship product, Truth Social, aims to create a space encouraging free speech and decentralized censorship, and importantly, it is also a significant Trump concept stock.
On May 27, 2025, DJT suddenly announced 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%, with prices breaking through the $112,000 mark. DJT's stock price experienced a rollercoaster of fluctuations after the announcement, briefly rising pre-market, then dropping nearly 12% shortly after, marking the largest single-day drop since March 10, 2025, reflecting market investors' concerns about Bitcoin investments.
In June, DJT announced that its S-3 registration statement had been approved by the SEC and immediately initiated equity and convertible bond agreements with approximately 50 investors, raising as much as $2.3 billion. According to the disclosure, most of this financing will be used directly to purchase Bitcoin, making DJT the second large U.S. publicly traded company after MicroStrategy to regard Bitcoin as a strategic asset reserve.
Other Companies
MicroStrategy, once considered a high-risk niche strategy, is evolving into a mainstream narrative path that companies across industries are competing to imitate five years later. More and more companies 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 invested funds to purchase Bitcoin, respectively approving investment plans of up to $5 million and 1,570 Bitcoins. AI company Genius Group (Stock Code: GNS) has also invested $14 million to purchase 153 Bitcoins. Additionally, several companies such as Rumble (Stock Code: RUM), Anixa Biosciences (Stock Code: ANIX), and LQR House (Stock Code: YHC) have joined the Bitcoin investment trend.
"Coin-Stock Integration" Concept
SharpLink Gaming (Stock Code: SBET)
Listing Date: May 1997 | Exchange: NASDAQ | Stock Code: SBET | Market Cap: Approximately $60 million
SharpLink Gaming is an online technology company operating in the sports betting and online casino gaming sectors, connecting sports fans with licensed online sports betting operators to provide personalized betting offers. The company's performance has not been ideal, with years of losses. In 2023, the net profit was -$14.2432 million, and total revenue for 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 leading investor in this private placement was Consensys Software Inc., with participants including ParaFi Capital, Electric Capital, Pantera Capital, Galaxy Digital, and others.
After the news release, SBET's stock price surged over 650% in a single day, with a cumulative increase of 17.56 times over three days, peaking at $120. Subsequently, the company submitted an S-3 registration statement to the SEC for future securities sales. Although the company clarified that the news was misunderstood and did not imply immediate share dilution, the stock price still fell significantly, nearly erasing all recent gains.
SBET may have rapidly experienced its "MicroStrategy" increase in the short term but then briefly plummeted back to the starting point, indicating that establishing cryptocurrency reserves may no longer be a guaranteed driving force for 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, using an AI-driven online platform to connect lenders and commercial real estate buyers. In April 2025, a team comprised of former Kraken executives purchased 728,632 shares of common stock from DeFi Development Corp, and former Kraken Chief Strategy Officer Joseph Onorati was appointed as Chairman and CEO.
Subsequently, the company transformed into a Solana treasury company and purchased 2,858 SOL for the first time on April 8, completing a tenfold increase in April. By the end of May, the company's SOL holdings increased to 609,190, worth over $97 million. The stock price achieved another 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 news release, the stock price fell over 50% from $0.45 to $0.20.
Additionally, three other large companies announced plans to use XRP as an asset in their financial reserves for payment infrastructure. Pharmaceutical company Wellgistics Health (Stock Code: WGRX) invested $50 million in XRP; energy group VivoPower International (Stock Code: VVPR) plans to purchase $100 million in XRP; and leading travel industry company Webus International (Stock Code: WETO) will raise $300 million to establish XRP reserves. After the news release, the stock prices of these companies experienced some decline, reflecting that XRP and other altcoins 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 received $100 million in equity investment to initiate 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 news release, SRM's stock price surged more than tenfold, reaching an all-time high, with a market cap exceeding $100 million.
The explosive growth of Circle and MicroStrategy has shown the market the vast growth potential of the stablecoin sector and the "MicroStrategy" model, leading more traditional financial institutions, tech giants, and small to medium enterprises to participate in the stablecoin sector, constructing 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 ability of enterprises to control risks.
