Crypto Bull Market, All in US Stocks: Circle's Ten Days from $31 to $165

Author: jk, Planet Daily

Since its listing, Circle's stock price has soared, increasing nearly 390% in just ten days, with a market capitalization approaching $36.7 billion. Amid the ongoing global regulatory battle over crypto assets, Circle has taken the lead as the "first stablecoin stock" to achieve a breakthrough in legal status in the U.S. stock market. This is not only a victory for a single company but also a starting signal for on-chain finance to enter the mainstream capital market.

At the same time that Circle is leading the charge, a batch of U.S. stocks related to "on-chain asset vaults," "compliant stablecoins," and "Web3 mapped stocks" have also collectively surged. This round of market activity is clearly not just about rising token prices; it is also a process of re-evaluating on-chain financial infrastructure on Wall Street.

Circle's Stock Price Continues to Surge, Soaring Nearly 390% Since Listing

Circle's stock price has surged again. On June 16 (this Monday), the leading stablecoin company Circle (CRCL) closed up 13.10% at $151.06, reaching a high of $165.60 during the day, with an intraday fluctuation of over 10%. Even after a slight post-market adjustment to $147.45, it remains at a high level.

Starting from the closing price of around $115 in the first week after its listing on June 7, Circle has accumulated a rise of over 31% this week. If calculated from the IPO issuance price of $31, its latest price means the stock has soared 387.3%. Based on the current stock price and circulation estimates, Circle's market capitalization has reached approximately $36.7 billion, up from $21 billion last week.

Circle's weekly price chart, source: Yahoo Finance

From the price chart, Circle's stock price started to rise sharply after June 13, and without any major positive news, it opened high on June 16 at $164.68, reaching a peak of $165.60 during the day before retreating for consolidation, indicating that major funds are entering the market with unusually high enthusiasm.

The logic behind Circle's continuous rise is quite clear, as discussed in the previous article "Circle's First Week Post-Listing: Up 258% from Opening Price, Market Cap Exceeds $21 Billion."

First, there is its solid profit model: Circle achieved approximately $1.7 billion in revenue in 2024, with as much as 99% coming from interest income generated by USDC reserves. In simple terms, users exchange dollars for USDC, and these funds are then invested in low-risk assets such as short-term U.S. 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.

Second, Circle's compliance and transparency are also among the reasons. As the world's first publicly listed stablecoin issuer, Circle has thoroughly disclosed its reserve structure in its IPO prospectus: the proportion of U.S. Treasury bonds, cash, audit arrangements, etc. This disclosure standard has established a regulatory template for operating "on-chain dollars," setting a very high competitive barrier for other stablecoin projects.

Recent Performance Overview of U.S. Crypto Concept Stocks

In addition to Circle, several other stocks related to cryptocurrency concepts in the U.S. stock market have also shown significant volatility recently. The following lists the latest data on the price increases, current prices, and market capitalizations of these stocks since June 7, 2025, along with a brief analysis of the reasons behind their movements:

SRM Entertainment (NASDAQ: SRM) -- Current price is about $9.19, soaring approximately 534% from less than $1.5 at the beginning of June. On June 16, the stock surged over 5 times in a single day, with its market cap skyrocketing from tens of millions to about $158 million. The surge was driven by the company's announcement of a $100 million investment and the launch of a token vault strategy for the TRON network, becoming the "Tron version of MicroStrategy betting on crypto asset reserves."

SharpLink Gaming (NASDAQ: SBET) -- Current price is about $13.41. This stock has experienced a rollercoaster ride: the company spent $463 million to acquire Ethereum (ETH) (a total of 176,271 coins) to implement a crypto asset vault strategy, becoming the company with the largest public market holdings of Ethereum. To finance this, the company significantly increased its stock issuance, and the stock price reached $35 due to the hype around crypto market capitalization. However, it subsequently plummeted over 70% between June 12-13. Nevertheless, after market sentiment stabilized on June 16, SharpLink rebounded 45.6% to above $13. Currently, its market cap is about $817 million. Although it has still seen a significant drop from early June levels, it remains several times higher than its price before announcing the crypto strategy. (Further reading: "After a 70% Plunge, Still a 100% Premium? The Mystery of SharpLink's ETH Gamble Continues")

DeFi Development (NASDAQ: DFDV) -- Current price is about $31.06. On June 16, this stock rose about 20.7%, mainly driven by the company's announcement of a $5 billion equity allocation for a major increase in Solana (SOL) holdings. DeFi Development aims to become a "Solana vault" company and had held over 600,000 SOL tokens as of May, further increasing its holdings through substantial credit. The stock price has accumulated a rise of about 30% since June 7, with a current market cap of approximately $458 million.

MicroStrategy (NASDAQ: MSTR) -- Current price is about $382. The company has rebranded as "Strategy," positioning itself as the world's largest Bitcoin reserve company, holding the largest amount of Bitcoin among publicly traded companies. The stock price has remained relatively stable, with a slight decline of about 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 been relatively steady. (Further reading: "The Rise of the Strategy Model: Can Token Prices Support Stock Prices?")

Coinbase (NASDAQ: COIN) -- After-hours price is about $255, slightly up from early June (about 5-6% increase). The current market cap is around $66 billion. As the largest cryptocurrency exchange in the U.S., Coinbase's stock price has gradually risen with the recovery of the crypto market, but the volatility is relatively smaller than the aforementioned "small-cap concept stocks." Overall performance reflects a continued restoration of investor confidence in compliant leading exchanges.

Conclusion: The Crypto Bull Market Has Started on Wall Street

From Circle leading the charge to the surges of SBET and SRM, and the steady progress of DFDV and Coinbase, the outbreak of this crypto bull market is no longer occurring in the token market but has appeared in the secondary market on Wall Street. This is a brand new structural bull market—compliance disclosure, reserve assets, vault logic, stablecoin anchoring—are forming a set of "on-chain financial framework" that fits the traditional financial system. Whether fund managers or retail traders, capital is being directed at an unprecedented speed towards a new direction: compliant crypto asset mapping companies.

While the regulatory framework has yet to be established and on-chain technology is still evolving, the capital market has already provided an answer: companies that are compliant, transparent, and have on-chain asset logic are beginning to receive valuation dividends.