Since its listing, Circle's stock price has soared, with a rise of nearly 390% in just ten days, and a market value of nearly 36.7 billion US dollars. At a time when crypto assets are still in the global regulatory game, Circle has taken the lead in completing the legalization breakthrough in the US stock market as the "first stablecoin stock." This is not only a victory for a company, but also the opening whistle for on-chain finance to move towards the mainstream capital market.
While Circle was leading the rally, a group of crypto-concept US stocks centered around "on-chain asset vaults", "compliant stablecoins", and "Web3 mapping stocks" also collectively started to rise. This round of market is obviously not only a rise in coin prices, but also a process of re-pricing on-chain financial infrastructure on Wall Street.
Circle's stock price continues to rise strongly, soaring 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 session, with an amplitude of more than 10% throughout the day. Even after a slight correction to $147.45 after the market, it still remained at a high level.
Calculated from the closing price of around $115 in the first week of listing on June 7, Circle has risen by more than 31% this week. If calculated from the IPO price of $31, its latest price means that the stock price has soared 387.3%. According to the current stock price and circulating volume, Circle's market value has reached about $36.7 billion, while last week, this figure was $21 billion.
From the trend chart, Circle's stock price started to rise in the afternoon of June 13. Without any major positive news, it opened high and continued to rise on June 16, opening at $164.68. It once rose to $165.60 during the session, and then fell back, showing that major funds entered the market in large numbers and the mood was extremely excited. The logic behind this round of Circle's continued rise is actually very clear. You can read the previous article "Circle's first week of listing ended: up 258% from the opening price, and the market value exceeded $21 billion."
First of all, it has a solid profit model: Circle achieved approximately $1.7 billion in revenue in 2024, of which up to 99% came from interest income from USDC reserves. Simply put, users exchange USD for USDC, and these funds are then invested in low-risk assets such as short-term US bonds and cash to earn a stable interest rate spread. This "stablecoin interest rate spread model" not only has stable cash flow and extremely low volatility, but is also even more scarce in the current high-interest rate environment.
Secondly, Circle's compliance and transparency are also one of the reasons. As the world's first listed stablecoin issuer, Circle disclosed its reserve structure in detail in its IPO prospectus: the U.S. Treasury bonds held, cash ratio, audit arrangements, etc. are all clear. This disclosure standard has established a regulatory template for the operation of "on-chain dollars" and set a very high competitive threshold for other stablecoin projects.
A look at the recent performance of US crypto stocks
In addition to Circle, many stocks related to cryptocurrency concepts in the U.S. stock market have also experienced significant fluctuations recently. The following lists the latest data such as the increase, current price, and market value of these stocks since June 7, 2025, and briefly analyzes the reasons behind their trends:
SRM Entertainment (NASDAQ: SRM) – Currently priced at about $9.19, it has soared by about 534% compared to the level of less than $1.5 in early June. On June 16, the stock soared more than 5 times in a single day, and its market value soared from tens of millions to about $158 million. The surge stems from the company's announcement of a $100 million investment and the launch of the TRON token treasury strategy, becoming the "Tron version of MicroStrategy betting on crypto asset reserves." (Supplementary reading: "Tron merges SRM with Nasdaq, Justin Sun wave is in the atmosphere")
SharpLink Gaming (NASDAQ: SBET) – Currently priced at around $13.41. The stock has been through a roller coaster ride recently: the company spent $463 million to purchase Ethereum (ETH) (a total of 176,271) to implement a crypto asset treasury strategy, becoming the company with the most Ethereum in the public market. To this end, the company issued a large number of additional shares for financing, and the stock price once reached $35 due to the hype of the crypto market value. But then, the stock price plummeted by more than 70% from June 12 to 13. However, after market sentiment stabilized on June 16, SharpLink rebounded 45.6% in a single day to above $13. The current market value is about $817 million. Although there is still a significant drop from the level at the beginning of the month, the stock price is still several times higher than before the announcement of the crypto strategy. (Supplementary reading: " Still 100% premium after a 70% plunge? SharpLink's ETH gamble is still suspenseful ")
DeFi Development (NASDAQ: DFDV) – Currently trading at around $31.06. The stock rose by around 20.7% on June 16, driven by news that the company had received a $5 billion equity quota to significantly increase its holdings in Solana (SOL). DeFi Development is committed to becoming a “Solana vault” company, holding more than 600,000 SOL tokens as of May, and further increasing its stake through a massive credit line. The stock price has risen by around 30% since June 7, and the current market value is around $458 million.
MicroStrategy (NASDAQ: MSTR) – Currently priced at about $382. The company has changed its name to “Strategy” and is positioned as the world’s largest Bitcoin reserve company, holding the largest number of Bitcoins among listed companies. The stock price has been relatively stable recently, with a slight drop of about 2% since June 7. Based on the latest stock price, MicroStrategy’s market value is about $106.77 billion. As a Bitcoin proxy stock with a market value of over $100 billion, its trend is relatively stable. (Supplementary reading: “Strategy model is popular, can the currency price support the stock price?”)
Coinbase (NASDAQ: COIN) – After-hours price is around $255, slightly up from early June (about 5-6%). Current market value is around $66 billion. As the largest cryptocurrency trading platform in the United States, Coinbase's stock price has been rising slowly recently as the crypto market has recovered, but the volatility is relatively smaller than the above-mentioned "small-cap concept stocks". The overall performance reflects the continued recovery of investors' confidence in compliant leading trading platforms.
Conclusion: Crypto bull market starts on Wall Street
From Circle leading the rise, to SBET, SRM and other surges, to the steady progress of DFDV and Coinbase, the outbreak point of this round of crypto bull market is no longer in the Token market, but in the secondary market of 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 are adapted to the traditional financial system. Both fund managers and retail traders are investing capital in a new direction at an unprecedented speed: compliant crypto asset mapping companies. The regulatory framework has not yet been implemented and the on-chain technology is still evolving, but the capital market has taken the lead in giving the answer: compliant, transparent companies with on-chain asset logic are reaping valuation dividends.
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