What Are "Coin Stocks" All About?
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What Are "Coin Stocks" All About?
Compile the hottest cryptocurrency-related stocks in the U.S. market.
Navigating Web3 tides with focused insightsAuthor: kkk, Lawo
On May 19, 2025, Coinbase Global (NASDAQ: COIN) was officially added to the S&P 500 Index, marking a significant step for cryptocurrency stocks into the mainstream financial arena. Shortly after, Circle Internet Group (NYSE: CRCL), the dominant issuer of stablecoins, went public on June 5 at an IPO price of $31, and by June 19 its share price had surged over 600%, ushering in a "meme stock" season in U.S. equities.
Crypto-related equities are emerging as a unique “crypto hype”: traditional market investors are increasingly focusing on crypto-native enterprises, while crypto natives treat the stock prices of these companies as one of the key indicators of market sentiment. This article outlines recent speculative targets among U.S.-listed crypto-linked stocks.
Note: This article was written on June 19. Due to escalating geopolitical tensions in the Middle East, current stock prices may differ from those mentioned in the text.
Circle and the Stablecoin Narrative
Circle Internet Group (Stock Code: CRCL)
Listed: June 2025 | Exchange: NYSE | Ticker: CRCL | Market Cap: ~$42 billion
On June 5, 2025, Circle Internet Group (CRCL), dubbed the "first stablecoin stock," officially debuted on the New York Stock Exchange, becoming the first major crypto firm to conduct an IPO since Coinbase. Priced at $31, its shares doubled on the first day and reached $199.81 by June 19, setting a new record for cumulative three-day performance among U.S. IPOs since 2020.
Founded in 2013, Circle initially entered the market with the P2P payment app Circle Pay and briefly ventured into exchange operations (e.g., Poloniex), but without notable success. In 2018, it pivoted toward the stablecoin sector, partnering with Coinbase to focus on issuing and managing USDC. Today, USDC is widely used across platforms such as Binance and Uniswap, making it one of the most active stablecoins in DeFi and cross-border payments.
Against the backdrop of the U.S. GENIUS Act and Hong Kong’s stablecoin regulations taking effect, CRCL’s surge reflects not only market recognition of its fundamentals and revenue model but also concentrated bets on the future value of the stablecoin sector. Stablecoins are evolving from niche tools into core financial infrastructure, with large Wall Street institutions increasingly signaling intentions to issue their own. Circle’s scarcity and policy tailwinds have jointly driven its valuation skyward.
Beyond this, Circle continues expanding real-world use cases in global cross-border clearing, on-chain settlement, and government collaboration. More enterprises are adopting USDC as a real-time, SWIFT-alternative payment method, aiming to build a more efficient and transparent capital flow network via blockchain technology. Going forward, CRCL’s performance will reflect not just investor sentiment toward a tech company, but also market pricing of the potential for a next-generation global payment system.
Further Reading: "On the Eve of a Stablecoin Revolution: The Frenzy Accelerated by Circle's Surge"
Coinbase Global (Stock Code: COIN)
Listed: April 14, 2021 | Exchange: NASDAQ | Ticker: COIN | Market Cap: ~$75 billion
Established in 2012, Coinbase serves over 120 million users across more than 100 countries. The platform supports trading in various cryptocurrencies and offers both retail and institutional services—including Coinbase Custody and Prime—with over $200 billion in assets under management. Holding licenses across multiple U.S. states, Coinbase continues deepening its presence in public blockchains, infrastructure, and payments.
Recently, Coinbase’s ecosystem has seen several major upgrades: its Layer2 network Base has performed strongly, with DeFi TVL exceeding $5 billion, and DEX integration on Base is now being rolled out within the main app to boost on-chain liquidity. It partnered with Shopify to launch USDC checkout, advancing commercial adoption of stablecoin payments. On the consumer side, it launched the first crypto credit card in partnership with American Express—Coinbase One Card. Additionally, Coinbase introduced CFTC-compliant perpetual contracts in the U.S. and acquired options exchange Deribit, accelerating its expansion into derivatives.
Behind CRCL’s rally, the market may have overlooked that Coinbase is arguably the biggest beneficiary. USDC was co-launched in 2018 by Circle and Coinbase through the Centre Consortium. After the consortium dissolved in 2023, Coinbase secured an equity stake in Circle in August of that year. According to Circle’s IPO filing, Coinbase receives half of the residual income generated from USDC reserves—effectively “earning” 50% passively.
Further Reading: "Coinbase Aims to Become the 'American Binance'"
The "Bitcoin Treasury" Narrative
MicroStrategy Incorporated (Stock Code: MSTR)
Listed: June 1998 | Exchange: NASDAQ | Ticker: MSTR | Market Cap: ~$103 billion
Prior to entering crypto, MicroStrategy specialized in business intelligence software for enterprise data analytics, reporting, and information dissemination—its performance was unremarkable. What brought MicroStrategy into the mainstream spotlight was its strategic Bitcoin treasury initiative.
Starting in August 2020, CEO Michael Saylor began allocating Bitcoin as the primary reserve asset on the company’s balance sheet, continuously accumulating BTC through convertible bond offerings. By mid-2025, the company held over 500,000 bitcoins—nearly 3% of the total circulating supply—and pledged never to sell a single coin.
This strategy transformed MSTR into a quasi-Bitcoin ETF within the U.S. equity market. For many institutional investors, MSTR provides a pathway to "indirectly hold Bitcoin through traditional financial markets." Riding the wave of rising Bitcoin prices, MSTR’s share price soared from $12 in 2020 to over $360—an increase of more than 30x. Its market cap shows a strong positive correlation (0.7–0.9) with Bitcoin’s price.
As Bitcoin’s financialization accelerates—amid ETF approvals and surging institutional demand—MicroStrategy’s BTC-first strategy has evolved from an outlier into an industry benchmark. Its pioneering approach triggered a chain reaction, inspiring more companies to emulate the "MicroStrategy playbook": raising capital or issuing debt to buy Bitcoin and place it on their balance sheets, sparking a new wave of corporate Bitcoin accumulation.
GameStop Corp. (Stock Code: GME)
Listed: June 2002 | Exchange: NYSE | Ticker: GME | Market Cap: ~$10.5 billion
GameStop is a U.S.-based multichannel retailer of video games and consumer electronics, operating in the U.S., Canada, Europe, and Australia. Through brands like GameStop, EB Games, and Micromania, as well as international e-commerce platforms, it sells new and used gaming consoles, physical and digital game software, and accessories, with hardware and peripherals constituting the bulk of its revenue.
In February 2025, CEO Ryan Cohen met with MicroStrategy founder Michael Saylor—a move widely interpreted as a signal that GameStop would follow suit in adopting a Bitcoin treasury strategy. In March, the company announced plans to hold Bitcoin as a reserve asset, pushing its stock up 12% that month. Rumors in February alone drove a 18% rise in GME shares.
By late May, GameStop confirmed the purchase of approximately 4,710 bitcoins (worth around $513 million), marking its first inclusion of Bitcoin on the balance sheet and officially joining the "MicroStrategy model." This made it the 13th-largest corporate holder of Bitcoin globally. On May 11, the company announced a $1.75 billion note issuance plan dedicated to strategic Bitcoin accumulation. Following the announcement, GME’s stock dropped over 11% after hours and plunged more than 23% on June 12, partly due to a 17% year-on-year decline in Q1 revenue to $732.4 million, and reflecting investor concerns over potential equity dilution and the risks of its Bitcoin investment strategy. Recently, GME completed a $2.25 billion issuance of convertible senior notes to strengthen its Bitcoin strategy. As of June 17, GME closed at $22.99, down about 1.4% on the day.
Trump Media & Technology Group Corp (Stock Code: DJT)
Listed: September 2021 | Exchange: NASDAQ | Ticker: DJT | Market Cap: ~$5.1 billion
Trump Media & Technology Group is a tech company focused on social media, digital streaming, and technological infrastructure. Its flagship product, Truth Social, aims to create a free-speech-oriented, de-platforming-resistant public forum and is also a prominent Trump-themed stock.
On May 27, 2025, DJT suddenly announced a $2.5 billion Bitcoin treasury initiative, explicitly adding Bitcoin to its asset reserves for “financial stability and long-term value storage.” The news immediately boosted Bitcoin by 1.17%, pushing it above the $112,000 mark. DJT’s stock experienced rollercoaster volatility post-announcement—rising in pre-market trading, then dropping nearly 12% intraday, marking its largest single-day fall since March 10, 2025—reflecting investor skepticism toward its Bitcoin investment.
In June, DJT announced its S-3 registration statement was declared effective by the SEC, promptly initiating equity and convertible debt agreements with around 50 investors, raising up to $2.3 billion. Most of the proceeds will be used to purchase Bitcoin, positioning DJT as another major U.S. public company to adopt Bitcoin as a strategic reserve asset, following MicroStrategy.
Other Companies
What was once considered a risky, niche strategy by MicroStrategy five years ago has now become a mainstream narrative emulated across industries. An increasing number of companies are incorporating crypto assets into their treasury strategies, attempting to reconstruct their valuation logic through a combination of "crypto reserves + capital market leverage."
Fitness equipment maker Interactive Strength (TRNR) and healthcare company Semler Scientific (SMLR) have both invested in Bitcoin, approving investment plans of up to $5 million and 1,570 BTC, respectively. AI firm Genius Group (GNS) joined the trend, spending $14 million to acquire 153 BTC. Other firms such as Rumble (RUM), Anixa Biosciences (ANIX), and LQR House (YHC) have also entered the Bitcoin investment space.
Further Reading: "The 'MicroStrategy Effect' Sweeps Across U.S. Stocks: 30 Companies Now Hold Crypto Reserves, Averaging 400% Stock Surge"
The "Coin-Stock Unity" Narrative
SharpLink Gaming (Stock Code: SBET)
Listed: May 1997 | Exchange: NASDAQ | Ticker: SBET | Market Cap: ~$600 million
SharpLink Gaming is a technology company operating in sports betting and online casino gaming, connecting sports fans with licensed online sportsbook operators and offering personalized betting promotions. The company has struggled financially, posting consecutive annual losses. In 2023, it reported a net loss of $14.24 million, and in 2024, total revenue was -$4.57 million.
On May 27, SharpLink Gaming sold 69,100,313 shares (or equivalent securities) at $6.15 per share, raising approximately $425 million. The funds will be used to purchase Ethereum as the company’s primary treasury reserve. The private placement was led by Consensys Software Inc., with participation from ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital.
Following the announcement, SBET’s stock surged over 650% in a single day and rose 17.56x in three days, peaking at $120. The company later filed an S-3 registration statement with the SEC for future securities offerings. Despite clarifying that the filing did not imply immediate share dilution, the stock sharply declined afterward, erasing nearly all prior gains.
SBET may have rapidly experienced and then reversed its own “MicroStrategy moment,” suggesting that building a crypto treasury is no longer a guaranteed catalyst for sustained stock appreciation.
DeFi Development Corp (Stock Code: DFDV)
Listed: July 2023 | Exchange: NASDAQ | Ticker: DFDV | Market Cap: ~$460 million
Originally a real estate financing company using an AI-powered platform to connect lenders with commercial property buyers, DeFi Development Corp underwent a transformation in April 2025 when a team led by former Kraken executives acquired 728,632 shares. Joseph Onorati, former Chief Strategy Officer of Kraken, was appointed Chairman and CEO.
Since then, the company has rebranded as a Solana treasury firm, purchasing 2,858 SOL on April 8 and achieving a tenfold return that month. By the end of May, its holdings grew to 609,190 SOL, valued at over $97 million. Its stock again surged fivefold in May.
Trident Digital Tech Holdings (Stock Code: TDTH)
Listed: September 2024 | Exchange: NASDAQ | Ticker: TDTH | Market Cap: ~$19 million
In June 2025, Singapore-based digital transformation leader TDTH announced plans to raise $500 million to create the world’s first large-scale corporate XRP reserve. It intends to integrate XRP into its digital transformation services for real-time payments and DeFi applications. Long-term, it aims to accumulate XRP and actively participate in the Ripple ecosystem to enhance its decentralized finance strategy. After the announcement, the stock fell over 50% from $0.45 to $0.20.
Additionally, three other large companies announced plans to include XRP in their treasury reserves for payment infrastructure. Pharmaceutical firm Wellgistics Health (WGRX) invested $50 million in XRP; energy group VivoPower International (VVPR) plans to buy $100 million worth of XRP; and hospitality leader Webus International (WETO) will raise $300 million to establish an XRP reserve. All three saw their stock prices decline following the announcements, underscoring that altcoins like XRP remain high-risk investments lacking broad institutional acceptance.
SRM Entertainment, Inc. (Stock Code: SRM)
Listed: August 2023 | Exchange: NASDAQ | Ticker: SRM | Market Cap: ~$190 million
On June 16, 2025, toy and collectibles design company SRM announced a $100 million equity investment to launch a TRON token (TRX) reserve strategy. Concurrently, TRON blockchain founder Justin SUN was appointed as an advisor, and the company plans to merge with Tron in a reverse takeover to list on Nasdaq.
Following the news, SRM’s stock price surged more than tenfold, hitting an all-time high and surpassing a $100 million market cap.
The explosive growth of Circle and MicroStrategy has revealed vast potential in the stablecoin sector and the “MicroStrategy model,” prompting growing interest from traditional financial institutions, tech giants, and SMEs in stablecoin development and crypto treasury strategies. However, whether this model can endure market cycles and withstand volatility remains subject to long-term market validation and corporate risk management capabilities.
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