In the first half of 2025, the global crypto asset market experienced a critical turning point from "retail-driven" to "institution-led". Bitcoin reached its annual high of $110,000 on May 22, with institutional funds driving crypto assets' transformation from mere speculative products to asset allocation tools. Against this backdrop, crypto concept stocks have ushered in new investment opportunities.
In the US stock market, Coinbase's stock price oscillated at high levels, reaching a maximum of $271.95 on May 22. Circle, upon listing on June 5, triggered circuit breakers multiple times due to a sharp surge, ultimately rising approximately 167% from its issue price. In the Hong Kong stock market, the Hong Kong "Stablecoin Regulation" boosted the market, with CSCI Holdings receiving attention for its early investment in Circle, rising over 14% intraday on June 9. Stocks like Lianlian Digital, OKLink, Yicard Technology, and ZhongAn Online also saw significant increases. The A-share market was similarly affected by the heated market atmosphere, with stocks like Cuiwei Share, CSCI Financial, and Hengbao Share performing notably.
Overall, the crypto asset price increase from late May to early June became a crucial driver for crypto concept stocks' market performance, marking the entry into a new stage of institutionalized, compliant, and value-reconstructed investment, with investors holding higher expectations for the shift from "trading coins" to "trading stocks".
[The rest of the translation follows the same professional and accurate approach, maintaining the specified translations for technical terms.]Conclusion: Value Anchoring in a New Paradigm
Crypto asset institutionalization is not a cyclical bubble, but a systemic acceptance of a "decentralized trust mechanism" by the global financial system. From "coin speculation" to "stock speculation", the investment logic has been elevated from zero-sum game to value symbiosis. Compliance constitutes the bottom line for corporate survival, technology determines the growth slope, and scenario implementation shapes the valuation ceiling.
Policy dividends in Hong Kong stocks, business transformation in US stocks, and technological breakthroughs in A-shares collectively constitute a sample of market valuation system reconstruction. Future core opportunities will no longer be short-term price speculation, but rather exploring "crypto value creators" that can penetrate cycles by focusing on compliance barriers, technological depth, and scenario embedding capabilities. This new paradigm heralds the arrival of a new era of deep integration between digital finance and traditional finance.
