Original Title: "Crypto Bull Market Rides on U.S. Stocks: Circle Climbs from $31 to $165 in Ten Days"
By: jk, Odaily Planet Daily
Since its IPO, Circle's stock price has skyrocketed, surging nearly 390% in just ten days, with a market cap nearing $36.7 billion. Amid the ongoing global regulatory tug of war over crypto assets, Circle has emerged as the "first stablecoin stock," successfully breaking into the U.S. stock market with regulatory approval. This milestone marks not only a triumph for the company but also serves as a starting pistol signaling blockchain-based finance’s entry into mainstream capital markets.
While Circle leads the rally, a slew of U.S. stock market crypto plays have also gained momentum, centered around themes like "on-chain asset vaults," "compliant stablecoins," and "Web3-mapped equities." This surge is clearly about more than just rising token prices; it represents a broader revaluation of blockchain financial infrastructure on Wall Street.
Circle's stock continues its meteoric rise. On June 16 (Monday of this week), Circle (CRCL), the leading stablecoin issuer, closed with a 13.10% gain, trading at $151.06, after hitting an intraday high of $165.60. Even with a slight after-hours pullback to $147.45, the stock remains trading at elevated levels.
From the closing price of roughly $115 during its first week post-IPO on June 7, Circle's stock has climbed by over 31% this week alone. Compared to its IPO listing price of $31, its latest price reflects a leap of 387.3%. Based on the current stock price and outstanding shares, Circle's market cap has reached roughly $36.7 billion. Just last week, the figure stood at $21.0 billion.
Weekly Performance Chart of Circle. Source: Yahoo Finance
Tracking the performance chart, Circle’s stock began its upward surge on the afternoon of June 13. Without any significant positive news announcements, the stock opened June 16 at $164.68, peaking intraday at $165.60 before retreating slightly, showing clear signs of heavy institutional buying and intense market enthusiasm. The underlying logic for Circle's ongoing rally is surprisingly straightforward. For further details, see our earlier article: "Circle’s First Week as a Public Company: Up 258% from IPO Price, Market Cap Surpasses $21.0 Billion."
First, it’s about its robust profit model: Circle generated approximately $1.7 billion in revenue in 2024, with a staggering 99% derived from interest income on USDC reserves. Simply put, users exchange dollars for USDC, and those funds are then invested in low-risk assets like short-term U.S. Treasuries and cash, earning stable interest spreads. This "stablecoin interest spread model" not only ensures steady cash flow with minimal volatility, but also stands out as particularly scarce in the current high interest rate environment.
Second, Circle’s compliance and transparency are also key factors. As the first publicly-listed stablecoin issuer in the world, Circle disclosed detailed information about its reserve structure in its IPO prospectus, including its holdings of U.S. Treasuries, the proportion in cash, and audit arrangements. Such disclosure standards have set a regulatory benchmark for operating a "dollar on-chain" model, creating a high competitive barrier for other stablecoin projects.
Beyond Circle, several other U.S. equities related to cryptocurrency concepts have shown significant volatility in recent times. Below is a list summarizing the latest data on their price changes, current prices, and market caps since June 7, 2025, with brief analyses on the factors driving their performance:
SRM Entertainment (NASDAQ: SRM) – Current price approximately $9.19, surging about 534% from early June levels of under $1.50. On June 16, the stock skyrocketed more than fivefold in a single day, pushing its market cap from tens of millions to roughly $158 million. The rally was driven by the company’s announcement of a $100 million investment alongside the launch of a TRON token treasury strategy, positioning itself as the "TRON version of MicroStrategy with a focus on crypto-backed reserves." (Supplementary reading: "TRON Merges with SRM, Aiming for NASDAQ—Justin Sun’s Move Beyond The Stratosphere")
SharpLink Gaming (NASDAQ: SBET) – Current price approximately $13.41. This stock has experienced rollercoaster-like price action recently: the company spent $463 million to purchase Ethereum (ETH) (a total of 176,271 ETH) as part of its crypto treasury strategy, making it the largest public holder of Ethereum. To fund this, the company heavily diluted its stock through equity offerings. Its share price, fueled by crypto market hype, soared to as high as $35 at one point. However, on June 12-13, the stock plummeted over 70%. After market sentiment stabilized on June 16, SharpLink rebounded by 45.6% in a single day to more than $13. The current market cap stands at approximately $817 million. Although the stock has yet to recover to early-month levels, it still trades several times higher than it did before announcing its crypto strategy. (Supplementary reading: "Down 70%, Yet Still 100% Overvalued? The Unfinished Ethereum Gamble of SharpLink")
DeFi Development (NASDAQ: DFDV) – Current price approximately $31.06. On June 16, the stock surged around 20.7%, mainly driven by news that the company secured a $5 billion equity credit facility to heavily increase its holdings in Solana (SOL). DeFi Development is committed to becoming a "Solana Vault"-style company. As of May, it held more than 600,000 SOL tokens and has further increased its position through massive credit facilities. Since June 7, its stock price has accumulated gains of around 30%, with a current market capitalization of approximately $458 million.
MicroStrategy (NASDAQ: MSTR) – Current price approximately $382. The company has rebranded itself as "Strategy," positioning as the largest Bitcoin-reserve enterprise globally, with the highest Bitcoin holdings among publicly traded companies. Recently, the stock price has remained relatively stable, experiencing a slight decline of approximately 2% since June 7. Based on the latest stock price, MicroStrategy's market cap is approximately $106.77 billion. As a Bitcoin proxy stock with a market cap exceeding $100 billion, its performance has generally been steady. (Additional reading: "The Rise of Strategy Model: Can Bitcoin Prices Support Stock Valuation?")
Coinbase (NASDAQ: COIN) – After-hours current price is around $255, reflecting a slight increase of approximately 5-6% since early June. Its current market cap hovers around $66 billion. As the largest cryptocurrency exchange platform in the U.S., Coinbase’s stock price has been gradually climbing along with the recovery of the crypto market, albeit with less volatility compared to smaller "micro-cap concept stocks" mentioned above. Overall, its performance demonstrates a sustained recovery of investor confidence in compliant, leading trading platforms.
From Circle taking the lead, to SBET and SRM skyrocketing, and then to DFDV and Coinbase advancing steadily, the trigger point for this crypto bull market is no longer in the token markets but has manifested in Wall Street’s secondary market. This marks a new structural bull market—compliance disclosure, reserve assets, vault strategies, and stablecoin anchoring are weaving together a "crypto financial framework" compatible with the traditional financial system. Whether they're fund managers or retail traders, investors are channeling capital into a new direction at an unprecedented pace: compliant crypto-asset-mapping corporations. While regulatory frameworks are still in flux and on-chain technologies continue to evolve, the capital markets have already delivered a clear verdict: compliant, transparent companies with an on-chain asset logic are reaping valuation premiums.
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