On May 19, 2025, Coinbase Global (stock code: COIN) was officially included in the S&P 500 index, with crypto stocks gradually entering the mainstream view. Subsequently, stablecoin giant Circle Internet Group (stock code: CRCL) was listed on the New York Stock Exchange on June 5, with an IPO price of $31. By June 19, its stock price had soared over 600%, marking the arrival of an "Altcoin season" in the US stock market.

Crypto enterprise stocks are becoming a special "crypto hotspot": traditional market investors are beginning to pay attention to companies in the crypto industry, while crypto enthusiasts view the stock price changes of crypto stocks as one of the market trend indicators. This article will sort out the recent hyped crypto concept stocks in the US market.

Note: This article was written on June 19, and due to the escalation of the Middle East war situation, the current stock prices may differ from those in the text.

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 landed on the New York Stock Exchange, becoming the first large crypto enterprise to successfully IPO since Coinbase. The IPO was priced at $31, doubled on the first day, and by June 19, the stock price had soared to $199.81, creating a new record for US stock IPO three-day performance since 2020.

Founded in 2013, Circle initially entered the market with a P2P payment app Circle Pay and once involved in exchange business (such as Poloniex) but did not make a breakthrough. In 2018, Circle began to transform towards the stablecoin track, collaborating with Coinbase to focus on the issuance and management of USDC. Currently, USDC is widely used on multiple platforms including Binance and Uniswap, becoming one of the most active stablecoins in DeFi and cross-border payments.

Against the backdrop of the US GENIUS Act and Hong Kong stablecoin regulations successively landing, CRCL's surge not only reflects the market's recognition of its fundamentals and revenue model but also shows a concentrated bet on the future value of the stablecoin track. Stablecoins are gradually evolving from marginal tools to core infrastructure, with major Wall Street financial institutions frequently signaling stablecoin issuance intentions. Circle's scarcity and policy dividends jointly drive its valuation surge.

Additionally, Circle continues to expand landing scenarios in multiple directions, including global cross-border clearing, on-chain settlement, and government cooperation. More and more enterprises are using USDC as a real-time stable payment method alternative to SWIFT, attempting to build a more efficient and transparent fund flow network using blockchain technology. In the future, CRCL's performance is not just an investor's valuation judgment of a tech company, but also a pricing of the possibilities of a new generation of global payment systems.

Related Reading: 《On the Eve of Stablecoin Great Reform: The Accelerating Stablecoin Frenzy Brought by Circle's Surge》

At the end of May, the company confirmed purchasing approximately 4,710 Bitcoins (valued at around $513 million), marking its first inclusion of Bitcoin in its balance sheet and officially joining the "MicroStrategy model", becoming the 13th largest Bitcoin-holding enterprise globally. Stimulated by short-term news, on June 11, the company announced a $1.75 billion note issuance plan for strategic Bitcoin reserves. After the note issuance announcement, GME's stock price dropped over 11% in after-hours trading on June 11, and plummeted over 23% on June 12, partly due to a 17% decline in first-quarter revenue to $732.4 million, and also reflecting investor concerns about potential share dilution and Bitcoin investment strategy. Recently, GME completed a $2.25 billion convertible senior note issuance to strengthen its Bitcoin strategy. GME's stock price closed at $22.99 on June 17, down approximately 1.4% intraday

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 focusing on social media, digital streaming, and technology infrastructure. Its flagship product, Truth Social, aims to create a public space that encourages free speech and decentralized censorship, and is also an important 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 Bitcoin to rise 1.17% in the short term, breaking through the $112,000 mark. DJT's stock price experienced a roller coaster-like fluctuation after the announcement, rising pre-market before dropping nearly 12%, marking its largest single-day decline since March 10, 2025, reflecting market investors' concerns about Bitcoin investment.

In June, DJT announced that its S-3 registration statement was approved by the SEC and immediately initiated an equity and convertible debt agreement with approximately 50 investors, with total financing reaching $2.3 billion. According to the disclosure, most of this financing will be directly used to purchase Bitcoin, making DJT another large US-listed company that uses Bitcoin as a strategic asset reserve after MicroStrategy.

SRM Entertainment, Inc. (Stock Code: SRM)

Listing Date: August 2023 | Exchange: NASDAQ | Stock Code: SRM | Market Cap: Approximately $190 Million

On June 16, 2025, SRM, a toy and memorabilia design and development company, announced receiving $100 million in equity investment to launch a TRON token (TRX) reserve strategy. Simultaneously, TRON blockchain founder Justin SUN was appointed as a company advisor and will list on NASDAQ through a reverse merger with Tron.

After the announcement, SRM's stock price surged over tenfold, reaching a historic high and breaking through a market cap of $100 million.

The surge of Circle and MicroStrategy showed the market the huge growth potential of the stablecoin track and the "MicroStrategy" model, with more and more traditional financial institutions, tech giants, and small and medium-sized enterprises participating in the stablecoin track and building new financial strategies around crypto reserves. However, whether this model can cross cycles and withstand volatility still depends on long-term market validation and the enterprise's risk control capabilities.

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