Author: jk, Odaily
Since its listing, Circle's stock price has been soaring, rising nearly 390% in just ten days, with its market value approaching $36.7 billion. At a time when crypto assets are still in a global regulatory game, Circle has already broken through to mainstream markets as the "first stablecoin stock" in the US stock market. This is not just a victory for a company, but also the opening whistle for on-chain finance entering mainstream capital markets.
While Circle is leading the charge, a group of crypto concepts around "on-chain asset vaults", "compliant stablecoins", and "Web3 mapped stocks" have also collectively launched. This round of market movement is clearly not just about token price increases, but a process of re-pricing on-chain financial infrastructure on Wall Street.
Circle's Stock Price Continues Strong Surge, Nearly 390% Increase Since Listing
Circle's stock price has surged again. On June 16th (this Monday), the stablecoin leader Circle (CRCL) closed up 13.10% at $151.06, reaching an intraday high of $165.60, with a daily volatility exceeding 10%. Even after a slight after-hours pullback to $147.45, it remains at a high level.
From the closing price of around $115 in the first week of listing on June 7th, Circle has cumulatively risen over 31% this week. Calculated from the IPO issue price of $31, its latest price means the stock has soared 387.3%. Based on the current stock price and circulating shares, Circle's market value has reached approximately $36.7 billion, compared to $21 billion last week.
Circle's one-week trend chart, source: Yahoo Finance
From the trend chart, Circle's stock price started rising in the afternoon of June 13th, and on June 16th, it opened high and continued to rise, with an opening price of $164.68 and intraday high of $165.60, before pulling back, indicating significant main fund entry and extremely excited market sentiment.
The logic behind Circle's continued rise is actually very clear.
First, its solid profit model: Circle achieved approximately $1.7 billion in revenue in 2024, with 99% coming from interest income on USDC reserves. Simply put, users exchange dollars for USDC, and these funds are then invested in low-risk assets like short-term US Treasury bonds and cash, earning 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 reasons. As the world's first listed stablecoin issuer, Circle's IPO prospectus comprehensively disclosed its reserve structure: the proportion of US Treasuries, cash, audit arrangements, etc. This disclosure standard has established a regulatory template for "on-chain dollar" operations, setting an extremely high competitive barrier for other stablecoin projects.
Recent Performance of Crypto Concept Stocks in US Market
Besides Circle, multiple stocks related to cryptocurrency concepts in the US stock market have also shown significant fluctuations. Below is a list of the latest data on these stocks' gains, current prices, and market values since June 7th, 2025, with a brief analysis of the reasons behind their trends:
SRM Entertainment (NASDAQ: SRM) – Currently around $9.19, surging approximately 534% from less than $1.5 in early June. On June 16th, the stock soared over 5 times in a single day, with market value jumping from several million to around $158 million. The surge was due to the company announcing a $100 million investment and launching a TRON token vault strategy, becoming a "TRON version of MicroStrategy betting on crypto asset reserves".
SharpLink Gaming (NASDAQ: SBET) – Currently around $13.41. The stock recently experienced a roller coaster: the company spent $463 million to purchase ETH (176,271 tokens) to implement a crypto asset vault strategy, becoming the publicly traded company holding the most Ethereum. To finance this, the company significantly increased stock issuance, and the stock price once reached $35 due to crypto market hype. However, it then plummeted over 70% on June 12-13. But after market sentiment stabilized on June 16th, SharpLink rebounded 45.6% to above $13. Current market value is around $817 million. Although still significantly down from early month levels, it remains several times higher than before announcing the crypto strategy.
DeFi Development (NASDAQ: DFDV) – Currently around $31.06. The stock rose about 20.7% on June 16th, mainly driven by news of the company obtaining a $5 billion equity quota to significantly increase Solana (SOL) holdings. DeFi Development aims to become a "Solana vault" company, already holding over 600,000 SOL tokens as of May and further expanding through massive credit lines. Stock price has cumulatively risen about 30% since June 7th, with current market value around $458 million.
MicroStrategy (NASDAQ: MSTR) – Currently around $382. The company has been renamed "Strategy", positioning itself as the world's largest Bitcoin reserve enterprise, holding the most Bitcoin among listed companies. Recently, the stock price has been relatively stable, slightly declining about 2% since June 7th. At the latest stock price, MicroStrategy's market value is around $106.77 billion. As a Bitcoin proxy stock with a market value exceeding $100 billion, its trend is relatively steady.
Coinbase (NASDAQ: COIN) – After-hours price around $255, slightly up from early June (about 5-6% range). Current market value is around $66 billion. As the largest US crypto exchange, Coinbase's stock price has been gradually rising with the crypto market recovery, but with less volatility than the above "small-cap concept stocks". The overall performance reflects continued investor confidence in compliant top-tier exchanges.
Conclusion: Crypto Bull Market Launches on Wall Street
From Circle's lead, to the surge of SBET and SRM, and the steady progress of DFDV and Coinbase, this crypto bull market's breakthrough is no longer in the Token market, but in Wall Street's secondary market. This is a new structural bull market - compliance disclosure, reserve assets, vault logic, and stablecoin anchoring are forming a "on-chain financial framework" adapted to the traditional financial system. Whether fund managers or retail traders, capital is being invested at an unprecedented speed in a new direction: compliant crypto asset mapping companies.
Although regulatory frameworks have not yet landed and on-chain technology is still evolving, the capital market has already provided an answer: compliant, transparent companies with on-chain asset logic are receiving valuation dividends.
