Written by: Dingdang, Odaily
On June 5, 2025, stablecoin giant Circle officially listed on the New York Stock Exchange, with an initial price of $31 per share, significantly higher than the early estimated range of $24 to $26. More notably, the CRCL after-hours price once rose to $214, with market capitalization breaking through $48 billion, accumulating a nearly 600% increase in just over ten days. Meanwhile, a new batch of crypto concept stocks such as SBET and SRM have also performed strongly.
Against the backdrop of continuous improvement in the US regulatory environment and accelerated institutional fund entry, the trend of crypto companies "rushing to Wall Street" is rapidly accelerating. Classified by main business positioning, exchanges, stablecoins, and mining industries have already had representatives, and this time, the crypto prime broker FalconX is reported to be preparing for a listing plan this year. This company, valued at $8 billion and serving global institutional investors, is trying to seize the time window of this "institutionalization wave" and gain a first-mover advantage in the capital market.
[The rest of the translation follows the same professional and accurate style, maintaining the original meaning while translating into fluent English.]Can it replicate Circle's capital miracle? And can it avoid the resonance of valuation peak and token price decline that Coinbase experienced in 2021? The answers to these questions may gradually emerge in its upcoming prospectus.
But one thing is certain: in this new cycle of capital, trust, and institutional coordination, FalconX is no longer a bystander.
