Author: kkk
Original Title: What Are "Crypto Stocks" Trading? Sorting Out the Hottest Crypto Concept Stocks in the US Market
On May 19, 2025, Coinbase Global (stock code: COIN) was officially included in the S&P 500 index, and crypto stocks are gradually entering the mainstream view. Subsequently, 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. As of June 19, its 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 prices may differ from those in the text.
Circle and Stablecoin Concept
Circle Internet Group (Stock Code: CRCL)
Listing Date: June 2025 | Exchange: NYSE | Stock Code: CRCL | Market Cap: 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 company to successfully IPO since Coinbase. The IPO was priced at $31, doubled on the first day, and as of June 19, the stock price had soared to $199.81, creating a new record for US stock IPO three-day performance since 2020.
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Founded in 2013, Circle initially entered 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 market 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 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 alternative to 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 judgment of a tech company but also a pricing of the possibilities of a new generation of global payment systems.
Related Reading: 《Stablecoin Great Transformation Eve: Stablecoin Acceleration Frenzy Brought by Circle's Surge》
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In February 2025, CEO Ryan Cohen met with MicroStrategy founder Michael Saylor, which the market viewed as a significant signal that GameStop might emulate MicroStrategy's "Bitcoin hoarding" strategy. In March, the company announced plans to adopt Bitcoin as a reserve asset. The stock price surged 12% in March. The February rumors also boosted GME's stock price by 18%.
By the end of May, the company confirmed purchasing approximately 4,710 Bitcoins (valued at around $513 million), officially incorporating Bitcoin into its balance sheet and joining the "MicroStrategy model", becoming the 13th largest Bitcoin-holding enterprise globally. Stimulated by short-term news, on June 11, the company announced a $1.75 billion note issuance plan for strategic Bitcoin reserves. After the note issuance announcement, 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 reflecting investor concerns about potential share dilution and Bitcoin investment strategy. Recently, GME completed a $2.25 billion convertible senior notes issuance to strengthen its Bitcoin strategy. GME's stock closed at $22.99 on June 17, down approximately 1.4% for the day.
(Translation continues in the same manner for the entire text, maintaining the specified translations for specific terms)In addition, three other large companies have announced plans to use XRP as an asset for their financial reserves, to be used in their payment infrastructure. Pharmaceutical company Wellgistics Health (stock code: WGRX) invested $50 million in XRP; energy group VivoPower International (stock code: VVPR) plans to purchase $100 million of XRP; and travel westock code: RAISE RAISE $to reserves announcement, stock prices to a certain extent, extent, reflecting that Altcoins such as XRP have not yet been recognized by mainstream financial institutions and remain a high-risk investment.
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 $100 million in equity investment to initiate a TRON token (TRX) reserve strategy. At the same time, 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 more than tenfold, reaching a historic high, with market capitalization breaking through $100 million.
The surge of Circle and MicroStrategy showed 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-will participate in the stablecoin track, building new financial strategies around crypto reserves. However, whether this model can cross cycles and withstand volatstill depends on long-term market verification and risk control capabilities.
