On May 19, 2025, Coinbase Global (stock code: COIN) was officially included in the S&P 500 index, with crypto stocks gradually entering the mainstream view. Subsequently, the stablecoin issuing giant Circle Internet Group (stock code: CRCL) was listed on the New York Stock Exchange on June 5, with an IPO price of $31. By June 19, the stock price had soared by over 600%, ushering in an "Altcoin season" in the US stock market.
Crypto enterprise stocks are becoming a special "crypto hotspot": traditional market investors are beginning to pay attention to companies in the crypto industry, while crypto enthusiasts view the stock price changes of crypto stocks as one of the market trend indicators. This article will sort out the recent hot crypto concept stocks in the US market.
Note: This article was written on June 19, and due to the escalation of the Middle East war situation, the current stock price may differ from the prices in the text.
Circle and Stablecoin Concept
Circle Internet Group (stock code: CRCL)
Listing date: June 2025 | Exchange: NYSE | Stock code: CRCL | Market value: Approximately $42 billion
On June 5, 2025, the "first stablecoin stock" Circle Internet Group (stock code: CRCL) officially landed on the New York Stock Exchange, becoming the first large crypto enterprise to successfully IPO since Coinbase. The IPO was priced at $31, doubled on the first day, and by June 19, the stock price had soared to $199.81, creating a new record for US stock IPO three-day performance since 2020.
Circle was founded in 2013, initially entering the market with a P2P payment app Circle Pay, and once involved in exchange business (such as Poloniex) but did not make a breakthrough. In 2018, Circle began to transform towards the stablecoin track, collaborating with Coinbase to focus on the issuance and management of USDC. Currently, USDC is widely used on multiple platforms including Binance and Uniswap, becoming one of the most active stablecoins in DeFi and cross-border payments.
Against the backdrop of the US GENIUS Act and Hong Kong stablecoin regulations successively landing, CRCL's surge not only reflects the market's recognition of its fundamentals and revenue model but also shows a concentrated bet on the future value of the stablecoin track. Stablecoins are gradually evolving from marginal tools to core infrastructure, with major Wall Street financial institutions frequently signaling stablecoin issuance intentions. Circle's scarcity and policy dividends jointly drive its valuation surge.
Additionally, Circle continues to expand its landing scenarios in multiple directions, including global cross-border clearing, on-chain settlement, and government cooperation. More and more enterprises are using 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 is not just an investor's valuation judgment of a tech company, but also a pricing of the possibilities of a new generation of global payment systems.
Coinbase Global (stock code: COIN)
Listing date: April 14, 2021 | Exchange: NASDAQ | Stock code: COIN | Market value: Approximately $75 billion
Coinbase was founded in 2012, serving over 120 million users across more than 100 countries. The platform supports trading of multiple crypto assets and provides retail and institutional services, including Coinbase Custody and Prime, managing assets over $200 billion. Coinbase holds licenses in multiple US states and continues to deeply cultivate in areas such as public chains, infrastructure, and payments.
Recently, the Coinbase ecosystem has seen multiple major updates: its Layer2 network Base has performed brilliantly, with DeFi TVL exceeding $5 billion, and announced integration of Base DEX into the main app to inject liquidity into on-chain assets; simultaneously, it partnered with Shopify to launch USDC checkout functionality, promoting stablecoin commercial payments; on the consumer side, it collaborated with American Express to launch the first crypto credit card, Coinbase One Card; additionally, Coinbase has launched CFTC-compliant perpetual contract functionality in the US and acquired the options exchange Deribit, accelerating its derivatives market layout.
Behind CRCL's surge, the market seems to have overlooked that Coinbase is the biggest winner of this feast. USDC was jointly launched by Circle and Coinbase in 2018 through the Centre Consortium, and after the consortium dissolved in 2023, Coinbase acquired Circle's equity in August of the same year. According to Circle's IPO documents, Coinbase receives half of the remaining income from Circle's USDC reserves, "earning passively" 50%.
"Bitcoin Reserve" Concept
MicroStrategy Incorporated (stock code: MSTR)
Listing date: June 1998 | Exchange: NASDAQ | Stock code: MSTR | Market value: Approximately $103 billion
Before entering the crypto field, MicroStrategy's core business was providing business intelligence software platforms to help enterprises with data analysis, report creation, and information publishing, with unremarkable performance. What truly brought MicroStrategy into the mainstream was its Bitcoin strategic reserve strategy.
Since August 2020, CEO Michael Saylor has been the first to use Bitcoin as the primary reserve asset on the company's balance sheet, continuously adding BTC through methods like issuing convertible bonds. By mid-2025, the company's total Bitcoin holdings have exceeded 500,000 coins, accounting for nearly 3% of global Bitcoin circulation, and pledged "not to sell a single Bitcoin".
This strategy has made MicroStrategy a "quasi-ETF" target for Bitcoin concepts in US stocks, providing a channel for many institutional investors to "indirectly hold Bitcoin through traditional financial markets". Benefiting from the continuous rise of Bitcoin prices, MSTR's stock price has soared from $12 in 2020 to over $360, with a growth of more than 30 times, and its market value has a correlation of 0.7-0.9 with Bitcoin prices, showing a very strong positive correlation.
Against the backdrop of accelerated Bitcoin financialization, ETF approval, and increased institutional allocation needs, MicroStrategy's "BTC-based" strategy is no longer an isolated case but has evolved into a bellwether for the entire crypto industry. Its pioneering model has triggered a chain reaction, with more and more enterprises imitating the "MicroStrategy path" - actively buying Bitcoin through financing and bond issuance, incorporating it into their balance sheets and triggering a new wave of "listed company Bitcoin hoarding".
GameStop Corp. (stock code: GME)
Listing date: June 2002 | Exchange: NYSE | Stock code: GME | Market value: Approximately $10.5 billion
GameStop is a multi-channel electronic game and consumer electronics retailer headquartered in the United States, with business coverage in the US, Canada, Europe, and Australia. The company sells new and used game consoles, physical and digital game software, and various accessories through its brand stores including GameStop, EB Games, and Micromania, as well as international e-commerce platforms, with hardware and peripherals being its main revenue source.
In February 2025, CEO Ryan Cohen met with MicroStrategy founder Michael Saylor, a meeting the market viewed as an important signal for GameStop to imitate MicroStrategy's "Bitcoin hoarding" model. In March, the company announced plans to use Bitcoin as a reserve asset. The stock price rose 12% in March. The February rumors also boosted GME's stock price by 18%.
Here's the English translation:At the end of May, the company confirmed purchasing approximately 4,710 Bit coins (valued at around $513 million), first incorporating Bit coins into its balance sheet, officially joining the "MicroStrategy model" and becoming the 13th largest Bit coin holding enterprise globally. Stimulated by short-term news, on June 11, the company announced a $1.75 billion note issuance plan for strategic Bit coin reserves. After the note issuance news, GME's stock price dropped over 11% in after-hours trading on June 11, and plummeted over 23% on June 12, partly due to a 17% decline in first-quarter revenue to $732.4 million, and also reflecting investor concerns about potential share dilution and Bit coin investment strategy. Recently, GME completed a $2.25 billion convertible senior note issuance to strengthen its Bit coin strategy. GME's stock price closed at $22.99 on June 17, down approximately 1.4% intraday
Trump Media & Technology Group Corp (Stock Code: DJT)
Listing Date: September 2021 | Exchange: NASDAQ | Stock Code: DJT | Market Cap: Approximately $5.1 billion
Trump Media & Technology Group is a comprehensive technology company focusing on social media, digital streaming, and technology infrastructure. Its flagship product, Truth Social, aims to create a public space that encourages free speech and decentralized censorship, and is also an important Trump concept stock.
On May 27, 2025, DJT suddenly announced a $2.5 billion Bit coin vault strategy, explicitly incorporating Bit coins into its asset reserves for "financial stability and long-term value storage". This news directly stimulated a 1.17% short-term surge in Bit coin, breaking through the $112,000 mark. DJT's stock price experienced a roller coaster-like fluctuation after the announcement, initially rising in pre-market trading, then suddenly dropping nearly 12%, marking its largest single-day decline since March 10, 2025, reflecting market investors' concerns about Bit coin investment.
In June, DJT announced that its S-3 registration statement was approved by the SEC and immediately initiated an equity and convertible debt agreement with approximately 50 investors, with a total financing amount of $2.3 billion. According to the disclosure, most of this financing will be directly used to purchase Bit coins, making DJT another large US-listed company that uses Bit coins as a strategic asset reserve after MicroStrategy.
Other Companies
MicroStrategy's strategy, once considered high-risk and niche, is now evolving into a mainstream narrative path being imitated across industries. More and more enterprises are beginning to incorporate crypto assets into their reserve systems, attempting to reconstruct their valuation logic through "crypto reserves + capital market leverage".
Fitness equipment manufacturer Interactive Strength (Stock Code: TRNR) and medical company Semler Scientific (Stock Code: SMLR) have invested in Bit coins, approving investment plans of up to $5 million and 1,570 Bit coins respectively. AI company Genius Group (Stock Code: GNS) has also invested $14 million to purchase 153 Bit coins. Additionally, multiple companies such as Rumble (Stock Code: RUM), Anixa Biosciences (Stock Code: ANIX), and LQR House (Stock Code: YHC) have joined the Bit coin investment lineup.
[The translation continues in the same manner for the rest of the text, maintaining the specified translations for crypto-related terms.]SRM Entertainment, Inc. (Stock Code: SRM)
Listing Date: August 2023 | Exchange: NASDAQ | Stock Code: SRM | Market Cap: Approximately $190 Million
On June 16, 2025, the toy and memorabilia design and development company SRM announced receiving a $100 million equity investment to launch a TRON token (TRX) reserve strategy. Simultaneously, TRON blockchain founder Justin SUN was appointed as a company advisor and will be listed on NASDAQ through a reverse merger with Tron.
After the announcement, SRM's stock price rose by over tenfold, reaching a historic high and breaking through a market capitalization of $100 million.
The surge of Circle and MicroStrategy has shown the market the huge growth potential of the stablecoin track and the "MicroStrategy" model, with more and more traditional financial institutions, tech giants, and small and medium-sized enterprises joining the stablecoin track and building new financial strategies around crypto reserves. However, whether this model can transcend cycles and withstand volatility still depends on long-term market validation and the enterprise's risk control capabilities.
