On May 19, 2025, Coinbase Global (ticker: COIN) was officially included in the S&P 500 Index, signaling the gradual mainstreaming of cryptocurrency stocks. Subsequently, stablecoin issuance giant Circle Internet Group (ticker: CRCL) went public on the New York Stock Exchange on June 5, with an IPO price of $31. By June 19, the stock price had surged over 600%, marking the arrival of a "Season of Mimics" in the U.S. stock market.

Cryptocurrency company stocks are becoming a unique "crypto hotbed": traditional market investors are beginning to pay attention to enterprises in the crypto industry, while crypto enthusiasts see the price movements of these "coin stocks" as one of the market indicators. This article will explore recent hype targets of U.S. stock concept stocks related to crypto.

Note: This article was written on June 19. Due to the escalation of the Middle East conflict, there may be some discrepancies between the current stock prices and the prices mentioned in the article.

Circle and Stablecoin Concept

Circle Internet Group (ticker: CRCL)

Listing Date: June 2025 | Exchange: NYSE | Ticker: CRCL | Market Cap: ~$42 billion

On June 5, 2025, the "first stablecoin stock" Circle Internet Group (ticker: CRCL) made its debut on the New York Stock Exchange, becoming the first major cryptocurrency company to successfully IPO since Coinbase. Priced at $31 per share, the stock doubled on its first day and by June 19, the price had soared to $199.81, setting a new three-day post-IPO performance record for U.S. stocks since 2020.

Founded in 2013, Circle initially entered the market with the P2P payment app Circle Pay and later ventured into exchange services (e.g., Poloniex) without significant breakthroughs. In 2018, Circle began transitioning towards the stablecoin track, partnering with Coinbase to focus on the issuance and management of USDC. Currently, USDC is widely used on platforms like Binance, Uniswap, and others, becoming one of the most active stablecoins in DeFi and cross-border payments.

Against the backdrop of the U.S. GENIUS Act and the Hong Kong stablecoin regulatory framework taking effect, CRCL's meteoric rise reflects not only market recognition of its fundamentals and revenue model but also concentrated bets on the future value of the stablecoin track. Stablecoins are gradually evolving from peripheral tools to core infrastructure, with major Wall Street financial institutions frequently expressing their intentions to issue stablecoins. Circle's scarcity and policy dividends have jointly driven its valuation frenzy.

In addition, Circle continues to expand its presence in global cross-border settlement, on-chain clearing, government partnerships, and other areas. More and more businesses are adopting USDC as a real-time stable payment method to replace SWIFT, attempting to build a more efficient and transparent fund flow network using blockchain technology. In the future, CRCL's performance will not only be an investor's valuation of a tech company, but also a pricing of the potential of a new generation of global payment systems.

Related Reading: "Eve of Stablecoin Revolution: The Stablecoin Frenzy Accelerated by Circle's Soaring"

Coinbase Global (Ticker: COIN)

Listing Date: April 14, 2021 | Exchange: NASDAQ | Ticker: COIN | Market Cap: Approximately $75 Billion

Founded in 2012, Coinbase serves over 120 million users across 100+ countries. The platform supports various cryptocurrency trading and provides retail and institutional services, including Coinbase Custody and Prime, managing assets of over $200 billion. Coinbase holds licenses in multiple U.S. states and continues to deepen its involvement in the crypto space in areas such as public chains, infrastructure, and payments.

Recently, the Coinbase ecosystem has seen multiple significant updates: its Layer 2 network Base has performed well, DeFi TVL exceeding $5 billion, and it announced the integration of a DEX on Base into its main app to provide liquidity for on-chain assets; simultaneously, it partnered with Shopify to launch USDC checkout, driving commercial adoption of stablecoin payments; on the consumer end, it unveiled the first crypto credit card, Coinbase One Card, in collaboration with American Express; additionally, Coinbase introduced CFTC-compliant perpetual contract functionality in the U.S. and acquired the options exchange Deribit, accelerating its presence in the derivatives market.

Behind CRCL's meteoric rise, the market seems to have overlooked that Coinbase is actually the biggest winner of this feast. USDC was jointly launched by Circle and Coinbase through the Centre consortium in 2018, and after the dissolution of the consortium in 2023, Coinbase acquired a stake in Circle in August of the same year. According to Circle's IPO filing, Coinbase receives half of the remaining income from Circle's USDC reserves, effectively "earning while lying down" with a 50% share.

Related Read: "Coinbase Aims to Be the 'American Binance'"

Concept of 'Bitcoin Reserve'

MicroStrategy Incorporated (Stock Ticker: MSTR)

Founded: June 1998 | Exchange: NASDAQ | Stock Ticker: MSTR | Market Cap: Approximately $103.0 Billion

Prior to entering the cryptocurrency field, MicroStrategy's core business was providing a business intelligence software platform to help companies with data analysis, reporting, and information delivery, showing mediocre performance. What truly brought MicroStrategy into the mainstream spotlight was its Bitcoin strategic reserve strategy.

Since August 2020, CEO Michael Saylor has been pioneering Bitcoin as the company's primary reserve asset on its balance sheet, continuously accumulating BTC through methods such as issuing convertible bonds. By mid-2025, the company's Bitcoin holdings have exceeded 500,000 coins, accounting for nearly 3% of the global Bitcoin circulation, and it has promised not to "sell a single Bitcoin."

This strategy has made MicroStrategy a "quasi-ETF" target of the U.S. stock Bitcoin concept. For many institutional investors, MSTR provides a way to "indirectly hold Bitcoin through the traditional financial market." Benefiting from the continuous rise in Bitcoin prices, MSTR's stock price has surged from around $12 in 2020 to over $360, a more than 30-fold increase, with a strong positive correlation between market cap and Bitcoin price ranging from 0.7 to 0.9.

Against the backdrop of the accelerated financialization of Bitcoin, the approval of ETFs, and the surge in institutional demand for allocation, MicroStrategy's 'BTC Standard' strategy is no longer a lone case but has evolved into a benchmark for the entire crypto industry. Its pioneering model has triggered a chain reaction, with more and more companies following the "MicroStrategy path" — actively buying Bitcoin through financing, issuing debt, and other means, incorporating it into their balance sheets, setting off a new wave of "publicly traded companies hoarding coins."

GameStop Corp. (Stock Symbol: GME)

Founded: June 2002 | Exchange: NYSE | Stock Symbol: GME | Market Cap: Approximately $10.5 Billion

GameStop is a U.S.-based multi-channel video game and consumer electronics retailer with operations in the U.S., Canada, Europe, and Australia. The company sells new and used video game consoles, physical and digital game software, and various accessories through its branded retail stores such as GameStop, EB Games, and Micromania, as well as its international e-commerce platform. Hardware and peripherals are the primary sources of its revenue.

In February 2025, CEO Ryan Cohen met with MicroStrategy founder Michael Saylor, a meeting that the market interpreted as a significant signal of GameStop following MicroStrategy's "coin hoarding" model. In March, the company announced plans to hold Bitcoin as a reserve asset. The stock price surged by 12% in March. Rumors in February also contributed to an 18% increase in GME's stock price.

By the end of May, the company confirmed the purchase of approximately 4,710 Bitcoins (valued at around $513 million), marking the first time Bitcoin was included on its balance sheet, officially adopting the "MicroStrategy model," catapulting it to become the world's 13th largest Bitcoin-holding enterprise. Fueled by short-term news, on June 11, the company announced a $1.75 billion note issuance plan to support its strategic Bitcoin reserves. Following the note issuance announcement, GME's stock price plummeted over 11% after hours on June 11 and dropped by over 23% on June 12. This was partially attributed to a 17% decline in first-quarter revenue to $732.4 million and reflected investor concerns about potential share dilution and the Bitcoin investment strategy. Recently, GME completed a $2.25 billion convertible senior notes offering to strengthen its Bitcoin strategy. On June 17, GME's stock closed at $22.99, down approximately 1.4% for the day

Trump Media & Technology Group Corp (Stock Symbol: DJT)

Founded: September 2021 | Exchange: NASDAQ | Stock Symbol: DJT | Market Cap: Approximately $5.1 Billion

Trump Media & Technology Group is a comprehensive technology company focused on social media, digital streaming, and tech infrastructure. The company's flagship product, Truth Social, aims to create a space for free speech and decentralized moderation, while also being a key player in the Trump Stock concept.

On May 27, 2025, DJT abruptly announced a $25 billion Bitcoin treasury reserve strategy, explicitly stating its inclusion of Bitcoin in its asset reserves for "financial stability and long-term value storage." This news directly led to a short-term 1.17% spike in Bitcoin's price, breaking the $112,000 mark. DJT's stock experienced a rollercoaster ride after the announcement, initially surging pre-market and then plummeting nearly 12% in a short period, marking its largest single-day drop since March 10, 2025, reflecting market concerns over Bitcoin investments.

In June, DJT disclosed that its S-3 registration statement had been approved by the SEC and immediately initiated equity and convertible bond agreements with around 50 investors, raising a total of $23 billion. As per the disclosure, most of this funding will be directly used to purchase Bitcoin, making DJT another large publicly traded U.S. company, following MicroStrategy, to hold Bitcoin as a strategic asset reserve.

Other Companies

What was once considered a high-risk niche strategy by MicroStrategy is evolving into a mainstream narrative path that cross-industry companies are now rushing to emulate five years later. More and more companies are integrating crypto assets into their reserves, attempting to reshape their valuation logic through the "crypto reserves + capital market leverage" approach.

Fitness equipment manufacturer Interactive Strength (Ticker: TRNR) and medical company Semler Scientific (Ticker: SMLR) have both allocated funds to purchase Bitcoin, approving investment plans of up to $5 million and 1570 Bitcoins, respectively. AI company Genius Group (Ticker: GNS) is also not lagging behind, investing $14 million to acquire 153 Bitcoins. Additionally, several other companies such as Rumble (Ticker: RUM), Anixa Biosciences (Ticker: ANIX), and LQR House (Ticker: YHC) have joined the Bitcoin investment trend.

Related Reading:《'MicroStrategy Effect' Sweeps US Stocks: 30 Companies Buy Bitcoin as Reserve, Average Stock Price Soars 400%》

Concept of 'Coin-Stock Unity'

SharpLink Gaming (Stock Code: SBET)

Listing Date: May 1997 | Exchange: NASDAQ | Stock Code: SBET | Market Cap: Approximately $6 Billion

SharpLink Gaming is an online technology company operating in the sports betting and online casino gaming sector, connecting sports fans with licensed online sports betting operators to provide personalized betting offers for sports fans. The company's financial performance is not ideal, with losses year after year. In 2023, the net loss was -$14.2432 million, and the total revenue in 2024 was -$4.5712 million.

On May 27, SharpLink Gaming issued 69,100,313 shares of common stock or equivalent securities to investors at a price of $6.15 per share, expecting total proceeds of approximately $425 million. The funds raised in this offering will be used to purchase Ethereum as the company's primary treasury reserve asset. The lead investor in this private placement was Consensys Software Inc., with participants including ParaFi Capital, Electric Capital, Pantera Capital, Galaxy Digital, and others.

Following the announcement, SBET's stock price surged over 650% in a single day, with a three-day cumulative increase of 1,656%, reaching a peak price of $120. Subsequently, the company filed an S-3 registration statement with the SEC for potential future securities sales. Despite the company clarifying that the news was actually misunderstood and did not imply immediate share dilution, the stock price still experienced a significant decline, almost wiping out all recent gains.

SBET may have rapidly experienced its 'MicroStrategy' surge in the short term, only to quickly plummet back to the starting point, indicating that establishing a cryptocurrency reserve may no longer be the driving force behind the stock price.

DeFi Development Corp (Stock Code: DFDV)

Listing Date: July 2023 | Exchange: NASDAQ | Stock Ticker: DFDV | Market Cap: Approximately $4.6 Billion

DeFi Development Corp was originally a real estate financing company, using an AI-driven online platform to connect lenders and commercial real estate buyers. In April 2025, a team led by former Kraken exchange executives acquired 728,632 shares of DeFi Development Corp, with former Kraken Chief Strategy Officer Joseph Onorati appointed as Chairman and CEO.

Subsequently, the company transitioned into a Solana treasury firm, making its initial purchase of 2,858 SOL on April 8 and seeing a tenfold increase that month. By the end of May, the company's SOL holdings had grown to 609,190, valued at over $97 million. The stock price experienced another fivefold increase in May.

Trident Digital Tech Holdings (Stock Ticker: TDTH)

Listing Date: September 2024 | Exchange: NASDAQ | Stock Ticker: TDTH | Market Cap: Approximately $19 Million

In June 2025, TDTH, a Singapore-based digital transformation leader, announced plans to raise $500 million to create the world's first large-scale XRP reserve company. It intends to integrate XRP into its digital transformation services for real-time payments and DeFi applications. Long-term plans involve holding, accumulating, and deep engagement in the Ripple ecosystem to enhance its decentralized financial strategy. Following the announcement, the stock price plummeted over 50% from $0.45 to $0.2.

Additionally, three other major companies have announced plans to use XRP as part of their treasury reserves for their payment infrastructure. Pharmaceutical company Wellgistics Health (Stock Ticker: WGRX) is investing $50 million in XRP; energy group VivoPower International (Stock Ticker: VVPR) plans to purchase $100 million worth of XRP; and leading wine and travel industry player Webus International (Stock Ticker: WETO) will raise $300 million to establish an XRP reserve. Following the news, all companies experienced a certain degree of stock price decline, reflecting that XRP and other altcoins have yet to gain recognition from mainstream financial institutions and remain a high-risk investment.

SRM Entertainment, Inc. (Stock Ticker: SRM)

Listing Date: August 2023 | Exchange: NASDAQ | Stock Ticker: SRM | Market Cap: Approximately $1.9 Billion

On June 16, 2025, toy and souvenir design and development company SRM announced a $1 billion equity investment to launch a TRON token (TRX) reserve strategy. Meanwhile, TRON blockchain founder Justin SUN was appointed as a company advisor, and the company will be listed on NASDAQ through a reverse merger with Tron.

Following the announcement, SRM's stock price surged more than tenfold, reaching a historical high, with a market cap surpassing $1 billion.

The surges of Circle and MicroStrategy have shown the market the huge growth potential of the stablecoin track and the "MicroStrategy" model. More and more traditional financial institutions, tech giants, and small and medium-sized enterprises will participate in the stablecoin track, building new financial strategies around cryptocurrency reserves. However, whether this model can withstand cycles and volatility still depends on the market's long-term validation and corporate risk management capabilities.

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