Crypto bull market, all in the US stock market: Circle from $31 to $165 for ten days

Author: jk, Planet Daily

Since its listing, Circle's stock price has been soaring, with a rise of nearly 390% in just ten days, and its market value approaching US$36.7 billion. While crypto assets are still in a global regulatory game, Circle has taken the lead in completing a legal 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 led the rise, a number of crypto concepts around "on-chain asset vault", "compliance stablecoins" and "Web3 mapping stocks" were also launched collectively. This round of market is obviously not only a rise in the currency price, but also a process of the on-chain financial infrastructure being repriced on Wall Street.

Circle's stock price continues to rise strongly, and has soared by nearly

390% since its listing

Circle's stock price surged again. On June 16 (This Monday), Circle (CRCL), a leading stablecoin company, closed up 13.10% to $151.06, hitting a high of $165.60 during the session, with a full-day amplitude of more than 10%. Even after a slight correction to $147.45 after the session, it remained firmly at a high level.

Starting 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 starting from the IPO price of US$31, its latest price means the stock price has soared by 387.3%. According to current stock price and circulating market estimates, Circle's market value reached about $36.7 billion, compared with last week's 21 billion.

Circle Weekly chart, source: Yahoo Finance

Judging from the trend chart, Circle's stock price started to rise in the afternoon of June 13. Stimulated by no major positive news, it opened higher and closed higher on June 16. The opening price was US$164.68, and it once surged to US$165.60 during the session, and then fell back and consolidated, showing that the main funds entered the market in a large scale and were extremely excited.

The logic behind this round of Circle's continued rise is actually very clear. You can read the previous article "The end of the first week of Circle's listing: 258% higher than the opening price, and its market value exceeded US$21 billion."

First, it’s its solid profit model: Circle achieved approximately $1.7 billion in revenue in 2024, with as much as 99% of that coming from interest income from USDC reserves. Simply put, users exchange US dollars for USDC, and these funds are then invested in low-risk assets such as short-term US Treasury and cash, and earn stable interest rate spreads from them. This "stable currency spread model" not only has stable cash flow and extremely low volatility, but is 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 thoroughly disclosed its reserve structure in its IPO prospectus: its holdings of US Treasury bonds, cash ratios, audit arrangements, etc. This disclosure standard sets a regulatory template for the operation of "on-chain USD" and sets an extremely high competitive threshold for other stablecoin projects.

A brief overview of recent performance of US crypto concept stocks

In addition to Circle, many stocks related to the concept of cryptocurrency have also fluctuated significantly in the US stock market recently. The following lists the latest data on the rise, current price, market value and other gains of these stocks since June 7, 2025, and briefly analyze the reasons behind their trends:

SRM Entertainment (NASDAQ: SRM) – The current price is about $9.19, up about 534% from the level below $1.5 in early June. On June 16, the stock soared more than 5 times in a single day, with its market value soaring from tens of millions to about $158 million. The surge was due to the company's announcement of obtaining a US$100 million investment and opening the Tron token vault strategy, becoming the "Tron version of micro strategy betting on crypto assets reserves."

SharpLink Gaming (NASDAQ: SBET) – Current price is around $13.41. The stock has recently experienced a roller coaster market: the company spent $463 million to purchase Ethereum (ETH) (176,271 coins in total) to implement a crypto asset vault strategy, becoming the company with the largest holdings of Ethereum in the open market. For this reason, the company issued a large amount of additional stock financing, and the stock price once reached US$35 due to the crypto market value. But then, the stock price plummeted more than 70% on June 12-13. However, after market sentiment stabilized on June 16, SharpLink rebounded 45.6% in a single day to above $13. The current market value is approximately US$817 million. Although there is still a significant decline from the beginning of the month, the stock price is still several times higher than before the announcement of the crypto strategy. (Supplementary reading: "After plunging 70%, still having a premium of 100%? SharpLink's ETH's suspense is still unfinished")

DeFi Development (NASDAQ: DFDV) – Current price is around $31.06. The stock rose about 20.7% on June 16, driven mainly by news that the company received a $5 billion stake in a massive increase in Solana (SOL). DeFi Development is committed to becoming a "Solana Vault" company. As of May, it has held more than 600,000 SOL tokens and further increased its investment through huge credit. The stock price has accumulated a cumulative increase of about 30% since June 7 and is currently worth about $458 million.

MicroStrategy (NASDAQ: MSTR) – Current price is around $382. The company has been renamed "Strategy", positioned as the world's largest Bitcoin reserve company, ranking first among listed companies in the number of Bitcoins held. The stock price has been relatively stable recently, with a slight decline of about 2% since June 7. Based on the latest stock price, MicroStrategy has a market capitalization of approximately US$106.77 billion. As a Bitcoin proxy stock with a market value of over 100 billion US dollars, its trend is relatively stable. (Supplementary reading: "The Strategy model becomes popular, can the currency price support the stock price?")

Coinbase (NASDAQ: COIN) – The current after-hours price is about USD 255, a slight increase from early June (about 5-6%). The current market value is around $66 billion. As the largest cryptocurrency exchange in the United States, Coinbase's stock price has been rising slowly with the recovery of the crypto market recently, but the volatility is relatively smaller than the above-mentioned "small-cap concept stocks". Overall performance reflects the continued recovery of investors' confidence in compliant head exchanges.

Conclusion: The crypto bull market is launched on Wall Street

From Circle leading the rise, to the surge in SBET, SRM, etc., to the steady advancement of DFDV and Coinbase, the explosion point of this round of crypto bull market is no longer in the Token market, but in the secondary market on Wall Street. This is a brand new structural bull market - compliance disclosure, reserve assets, vault logic, and stablecoin anchoring, which is forming a "on-chain financial skeleton" that is adapted to the traditional financial system. Whether fund managers or retail traders, they are betting capital in a new direction at an unprecedented speed: compliant crypto asset mapping companies.

The regulatory framework has not yet been implemented and on-chain technology is still evolving, but the capital market has taken the lead in giving the answer: Compliant, transparent, and on-chain asset logic are receiving valuation dividends.