Author: jk, Odaily Planet Daily
Since its listing, Circle's stock price has soared, increasing nearly 390% in just ten days, with a market value nearing $3.67 billion. While crypto assets are still in a global regulatory tug-of-war, Circle has already taken the lead as the 'first stock of stablecoins' to complete its legal breakthrough in the US stock market. This is not only a victory for a single enterprise but also the starting whistle for on-chain finance to enter mainstream capital markets.
While Circle leads the way, a batch of US stocks related to 'on-chain asset treasuries', 'compliant stablecoins', and 'Web3 mapping stocks' also collectively surged. This round of market activity is clearly not just about the rise in token prices, but also the revaluation process of on-chain financial infrastructure on Wall Street.
Circle's stock price continues to rise strongly, having skyrocketed nearly 390% since its listing.
Circle's stock price soared again. On June 16 (this Monday), the leading stablecoin company Circle (CRCL) closed up 13.10% at $151.06, hitting a high of $165.60 during the day, with an overall fluctuation of more than 10%. Even after a slight post-market adjustment to $147.45, it still remains at a high level.
Starting from the closing price of around $115 in the first week after its listing on June 7, Circle has accumulated a rise of over 31% this week. If we count from the IPO issuance price of $31, its latest price means the stock price has soared 387.3%. Based on the current stock price and estimated circulation, Circle's market value reaches approximately $3.67 billion, whereas last week, this figure was $2.1 billion.
Circle's weekly trend chart, source: Yahoo Finance
From the trend chart, Circle's stock price started to rise sharply in the afternoon of June 13, and without any major positive news stimulating it, opened high and continued to rise on June 16, with an opening price of $164.68, peaking at $165.60 during the day before retreating for consolidation, indicating a massive influx of institutional capital and exceptionally exuberant sentiment.
The logic behind Circle's continued rise is actually very clear.
First, it has a solid profit model: Circle achieved about $1.7 billion in revenue in 2024, with as much as 99% coming from interest income generated by USDC reserves. Simply put, users exchange US dollars for USDC, and these funds are then invested in low-risk assets such as short-term US Treasuries and cash to earn stable interest spreads. This 'stablecoin interest spread model' not only has stable cash flow and extremely low volatility but is especially scarce in the current high-interest-rate environment.
Secondly, Circle's compliance and transparency are also among the reasons. As the world's first publicly listed stablecoin issuer, Circle provided detailed disclosures regarding its reserve structure in its IPO prospectus: the proportion of US Treasuries, cash, audit arrangements, and more are all clearly stated. This disclosure standard has established a regulatory template for operating a 'chain-on dollar', creating a high competitive barrier for other stablecoin projects.
Overview of recent performances of US stocks related to cryptocurrency concepts.
In addition to Circle, several stocks related to crypto concepts have also shown significant fluctuations in the recent US stock market. The following lists the recent data on the price increase, current price, and market value of these stocks since June 7, 2025, along with a brief analysis of the reasons behind their trends.
SRM Entertainment (NASDAQ: SRM) – Current price around $9.19, having surged about 534% from less than $1.5 at the beginning of June. On June 16, the stock soared more than five times in a single day, with its market value skyrocketing from tens of millions to about $158 million. The surge was driven by the company announcing a $100 million investment and the initiation of a Tron token treasury strategy, positioning itself as a 'Tron version of MicroStrategy betting on crypto asset reserves.'
SharpLink Gaming (NASDAQ: SBET) – Current price around $13.41. The stock has recently experienced a roller-coaster market: the company spent $463 million to acquire Ethereum (ETH) (a total of 176,271 coins) to implement a crypto asset treasury strategy, becoming the company with the largest public market holdings of Ethereum. To support this, the company massively issued new shares for financing, and the stock price reached $35 due to the hype around crypto market capitalization. However, the stock price plummeted over 70% on June 12-13. Nevertheless, after market sentiment stabilized on June 16, SharpLink rebounded 45.6% to above $13. The current market value is about $817 million. Although it still shows a significant drop compared to the beginning of the month, it is still several times higher than the stock price before the announcement of the crypto strategy.
DeFi Development (NASDAQ: DFDV) – Current price around $31.06. On June 16, the stock rose about 20.7%, primarily driven by the news that the company secured a $5 billion equity quota for a large-scale investment in Solana (SOL). DeFi Development aims to become a 'Solana treasury' type company, having held over 600,000 SOL tokens as of May, and further increasing its stakes through substantial credit lines. The stock price has accumulated a rise of about 30% since June 7, with a current market value of approximately $458 million.
MicroStrategy (NASDAQ: MSTR) – Current price around $382. The company has renamed itself to 'Strategy', positioning itself as the world's largest Bitcoin reserve company, holding the highest number of Bitcoins among publicly traded companies. Recently, the stock price has remained relatively stable, having slightly declined about 2% since June 7. At the latest stock price, MicroStrategy's market value is approximately $106.77 billion. As a Bitcoin proxy stock with a market value exceeding $100 billion, its performance has been relatively steady.
Coinbase (NASDAQ: COIN) – After-hours price around $255, slightly up from early June (about 5-6% increase). The current market value is around $66 billion. As the largest cryptocurrency exchange in the United States, 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 'small-cap concept stocks'. Overall performance reflects investors' continued recovery of confidence in compliant leading exchanges.
Conclusion: The crypto bull market has launched on Wall Street.
From Circle leading the way, to the surges of SBET, SRM, and others, and then the steady advancement of DFDV and Coinbase, this crypto bull market's explosion point is no longer in the token market but has appeared in the secondary market on Wall Street. This is a brand new structural bull market—compliance disclosure, reserve assets, treasury logic, and stablecoin anchoring are forming a set of 'on-chain financial skeletons' that adapt to the traditional financial system. Whether fund managers or retail traders, they are pouring capital into a new direction at an unprecedented speed: compliant crypto asset mapping companies.
The regulatory framework has yet to be established, and on-chain technology is still evolving, but the capital market has already provided an answer: compliant, transparent companies with on-chain asset logic are gaining valuation dividends.
