The cryptocurrency market fever is sweeping through global stock markets in unexpected ways.
According to media reports, following the 8-fold surge in Circle's stock price within two weeks of its IPO, multiple cryptocurrency exchanges including Kraken, Gemini, and Bullish are preparing for listing, and OKX, one of the world's top three crypto exchanges, has explicitly stated it is considering an IPO in the United States.
The transformation of the US policy environment has provided momentum for this fever, with Trump's supportive attitude towards the cryptocurrency industry and expectations of potential relaxed regulation significantly boosting market confidence.
OKX's Chief Marketing Officer Haider Rafique stated that there has been a "major shift" in the US attitude towards cryptocurrencies since the last administration: "We will absolutely consider an IPO in the future, and if we list, it will most likely be in the United States."
Rob Hadick, partner at cryptocurrency venture capital firm Dragonfly, commented: "There couldn't be a better IPO timing right now; people are accelerating their timelines."
Crypto Fever Shifts to Stock Market, Valuation Premium Sparks Debate
Unlike the traditional cryptocurrency market, the current fever is more reflected in stock market performance.
Since its IPO at $31 on June 5th, Circle's stock has soared to $240, with a market value reaching $58 billion, becoming one of the most significant first-day gainers in recent billion-dollar IPOs.
MicroStrategy (now Strategy) has become a market favorite by holding Bitcoin. According to crypto consulting firm Architect Partners, since Strategy first purchased Bitcoin in 2020, listed companies globally have announced raising at least $72 billion to purchase crypto assets, with most transactions occurring in 2025.
Jeff Dorman, Chief Investment Officer at cryptocurrency fund management company Arca, pointed out:
"The interest in cryptocurrencies from investors who are not currently invested is far higher than actual cryptocurrency users. The performance of cryptocurrency stocks or proxy stocks is better than cryptocurrencies themselves, a situation that has persisted for three to four months."
Until 18 months ago, the cryptocurrency industry had minimal presence in the stock market. This changed after the Bitcoin spot ETF was approved in early 2024.
Divergence Emerges Between Crypto "Natives" and Stock Market Newcomers
Despite the stock market's enthusiasm for crypto-related enterprises, significant divisions exist within the investor community.
Traditional crypto investors are skeptical of the current premium phenomenon, believing that the valuation of listed companies holding crypto assets should not continuously exceed the value of the assets themselves.
Hadick from Dragonfly stated: "When the premium disappears, investors will quickly sell stocks; these phenomena are often short-lived."
Last week, SharpLink Gaming's stock plummeted 70% after announcing that private placement investors could sell shares, demonstrating the market's high volatility.
They also differ in their views on stablecoins, which maintain a one-to-one exchange rate with the US dollar.
Hadick noted that cryptocurrency investors believe Circle's stablecoin has limited use, primarily for trading. In contrast, stock market investors are more optimistic about stablecoins' future, betting they might become a primary payment tool in the financial system.
Hadick stated: "The growth story we're discussing now is not a cryptocurrency story, but a traditional payment story... This is a world that the vast majority of cryptocurrency people fundamentally do not understand."
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