Crypto Bull Market, All in US Stocks: Circle's Journey from $31 to $165 in Ten Days
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Crypto Bull Market, All in US Stocks: Circle's Journey from $31 to $165 in Ten Days
On-chain financial infrastructure is being repriced by Wall Street.
Navigating Web3 tides with focused insightsAuthor: jk, Odaily Planet Daily
Since its listing, Circle's stock price has surged dramatically, rising nearly 390% in just ten days, with market capitalization approaching $36.7 billion. At a time when crypto assets are still navigating global regulatory uncertainties, Circle has already broken through legally in the U.S. stock market as the "first stablecoin stock." This is not merely a victory for one company, but the opening signal for on-chain finance entering mainstream capital markets.
As Circle leads the rally, a group of crypto-themed U.S. stocks centered around concepts such as "on-chain asset treasuries," "compliant stablecoins," and "Web3 mirror stocks" have also collectively taken off. This market cycle clearly goes beyond mere token price increases—it represents a fundamental repricing of on-chain financial infrastructure by Wall Street.
Circle’s Stock Continues Strong Rally, Up Nearly 390% Since Listing
Circle’s stock surged again. On June 16 (Monday), CRCL, the leading stablecoin company, closed up 13.10% at $151.06, briefly hitting an intraday high of $165.60, with volatility exceeding 10% throughout the day. Even after a slight post-market pullback to $147.45, it remained firmly at elevated levels.
From its initial listing week closing price of around $115 on June 7, Circle rose over 31% this week alone. Measured from its IPO price of $31, the latest trading level implies a surge of 387.3%. Based on current share price and circulating shares, Circle’s market cap now stands at approximately $36.7 billion—up from $21 billion just last week.
Circle one-week stock chart, source: Yahoo Finance
The stock began its sharp rise on the afternoon of June 13. Without any major positive news catalysts, it opened sharply higher on June 16 at $164.68, briefly climbing to $165.60 before pulling back and consolidating—a clear sign of aggressive institutional inflows and heightened investor sentiment.
The logic behind Circle’s sustained rally is actually quite straightforward.
First, its solid profit model: In 2024, Circle generated about $1.7 billion in revenue, with 99% coming from interest income on USDC reserves. Simply put, users exchange USD for USDC, and those funds are then invested in low-risk instruments like short-term U.S. Treasuries and cash equivalents, earning a steady interest spread. This “stablecoin interest margin model” offers stable cash flows and extremely low volatility—especially valuable in the current high-interest-rate environment.
Second, Circle’s compliance and transparency are key factors. As the world’s first publicly listed stablecoin issuer, Circle provided detailed disclosures in its IPO prospectus—clearly outlining its reserve composition, allocations to U.S. Treasuries and cash, audit arrangements, and more. This disclosure standard sets a regulatory blueprint for operating “on-chain dollars,” creating a significant competitive barrier for other stablecoin projects.
Recent Performance of Crypto-Related U.S. Stocks
Besides Circle, several other crypto-related stocks in the U.S. market have shown significant movements recently. Below is a summary of their performance since June 7, 2025—including price changes, current prices, market caps—and brief analysis of the drivers behind their moves:
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SRM Entertainment (NASDAQ: SRM) – Currently trading around $9.19, surging approximately 534% from under $1.50 at the beginning of June. On June 16 alone, the stock soared over fivefold, lifting its market cap from tens of millions to about $158 million. The rally was triggered by an announcement of a $100 million investment and a new strategy to establish a Tron (TRON) token treasury, positioning itself as the “Tron version of MicroStrategy” betting on crypto asset reserves.
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SharpLink Gaming (NASDAQ: SBET) – Currently around $13.41. The stock experienced a rollercoaster ride: the company spent $463 million purchasing Ethereum (ETH)—a total of 176,271 ETH—to implement its crypto treasury strategy, becoming the public company holding the most ETH. To fund this, it issued substantial new shares. Hype around crypto valuations initially drove the stock to $35, but it then plunged over 70% on June 12–13. However, on June 16, amid stabilizing market sentiment, SharpLink rebounded 45.6%, closing above $13. Its current market cap is about $817 million. Though still below early highs, the price remains several times above pre-crypto-strategy levels.
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DeFi Development (NASDAQ: DFDV) – Currently around $31.06. The stock rose about 20.7% on June 16, driven by news that the company secured a $5 billion equity line to aggressively accumulate Solana (SOL). Committed to becoming a “Solana treasury” firm, DeFi Development already held over 600,000 SOL tokens by May and is now doubling down via large-scale credit facilities. The stock has gained roughly 30% since June 7, with a current market cap of about $458 million.
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MicroStrategy (NASDAQ: MSTR) – Now trading around $382. The company has rebranded as “Strategy,” positioning itself as the largest corporate holder of Bitcoin among public firms. Recently, its stock has been relatively stable, dipping slightly by about 2% since June 7. At current prices, MicroStrategy’s market cap stands at approximately $106.77 billion. As a trillion-dollar-plus proxy for Bitcoin exposure, its movement remains relatively steady.
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Coinbase (NASDAQ: COIN) – After-hours price around $255, slightly up from early June levels (about 5–6%). Market cap currently hovers around $66 billion. As the largest U.S. cryptocurrency exchange, Coinbase’s stock has gradually climbed with the broader crypto market recovery. However, its volatility is significantly lower than the smaller-cap concept stocks mentioned above. Its overall performance reflects steadily recovering investor confidence in compliant, top-tier exchanges.
Conclusion: The Crypto Bull Run Has Begun on Wall Street
From Circle leading gains, to sharp rallies in SBET and SRM, to steady progress by DFDV and Coinbase, this bull market is no longer launching from the token market—but from Wall Street’s secondary markets. This marks a new structural bull phase: compliance disclosures, reserve-backed assets, treasury strategies, and stablecoin anchoring are forming an “on-chain financial framework” compatible with traditional finance. Fund managers and retail traders alike are increasingly allocating capital toward a new class of companies: compliant crypto-asset mirror firms.
Regulatory frameworks are still evolving, and on-chain technologies continue to advance—but capital markets have already delivered their verdict: companies that are compliant, transparent, and built on sound on-chain asset logic are now being rewarded with valuation premiums.
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