Crypto Concept Stock Speculation Wave: Sorting Out Popular Crypto Assets Concept Stocks in the US Market

In May 2025, Coinbase was officially included in the S&P 500 index, and Crypto Assets stocks gradually entered the mainstream view. In early June, stablecoin giant Circle went public on the NYSE, with its stock price skyrocketing by 600%, triggering the "altcoin season" in the US stock market.

Crypto company stocks are becoming a special "crypto hotspot": traditional investors are starting to pay attention to companies in the crypto industry, while the crypto circle sees coin stock prices as a market barometer. This article will outline the recent popular crypto concept stocks in the US stock market.

Circle and Stablecoin Concepts

Circle Internet Group (CRCL)

Listing Date: June 2025 | Exchange: NYSE | Stock Code: CRCL | Market Capitalization: Approximately 42 billion USD

Circle went public on the NYSE on June 5, becoming the first large Crypto Assets company to successfully IPO after Coinbase. The IPO was priced at $31, doubling on the first day and reaching $199.81 within two weeks, setting a new high for recent US stock IPO performance.

Circle was founded in 2013, initially focusing on P2P payments, and later transitioned to the stablecoin sector, collaborating with a certain trading platform to issue USDC. Currently, USDC is widely used on multiple platforms and has become one of the most active stablecoins in DeFi and cross-border payments.

Against the backdrop of the implementation of the GENIUS Act in the United States and the regulation of stablecoins in Hong Kong, CRCL's surge reflects the market's bet on the future value of stablecoins. Stablecoins are evolving from marginal tools to core infrastructure, and financial institutions are frequently expressing their issuance intentions.

Circle continues to expand scenarios such as cross-border clearing and on-chain settlement. More and more enterprises are using USDC as a real-time payment alternative to SWIFT, attempting to build a more efficient capital network. The performance of CRCL is not only a valuation of a technology company but also a pricing of the possibilities of a new generation global payment system.

Coinbase Global (COIN)

Listing Date: April 2021 | Exchange: NASDAQ | Stock Code: COIN | Market Cap: Approximately $75 billion

Coinbase was founded in 2012, serving 120 million users across more than 100 countries. It supports trading of various Crypto Assets, provides retail and institutional services, and manages assets exceeding $200 billion. It holds licenses in multiple states and is deeply involved in areas such as public chains and infrastructure.

Recently, several major updates in the Coinbase ecosystem: the Layer2 network Base has performed impressively; partnered with a certain e-commerce platform to launch USDC checkout; collaborated with a certain credit card company to introduce the first crypto credit card; launched compliant perpetual contracts in the U.S. and acquired a certain options exchange to lay out derivatives.

Behind the surge of CRCL, Coinbase may be the biggest winner. USDC was jointly launched by Circle and Coinbase in 2018, and in 2023, it acquired equity in Circle. According to Circle's IPO documents, Coinbase earns half of the remaining income from USDC reserves, "making a passive profit" of 50%.

Concept of "Bitcoin Reserve"

MicroStrategy (MSTR)

Listing Date: June 1998 | Exchange: NASDAQ | Stock Code: MSTR | Market Capitalization: Approximately 103 Billion USD

MicroStrategy was originally a business intelligence software provider, and since August 2020, it has been using Bitcoin as a primary reserve asset, continuously increasing its BTC holdings through methods such as issuing bonds. By mid-2025, it is expected to hold over 500,000 BTC, accounting for nearly 3% of the global circulation.

This strategy makes MSTR a "quasi-ETF" target for Bitcoin in the US stock market, providing institutions with an indirect way to hold BTC. Benefiting from the rise in BTC prices, MSTR's stock price increased from $12 in 2020 to over $360, a 30-fold increase, highly correlated with BTC prices.

Against the backdrop of accelerating financialization of BTC, the approval of ETFs, and increasing institutional allocation demand, the MicroStrategy model has triggered a chain reaction. More and more companies are emulating the "MicroStrategy path" by incorporating BTC into their balance sheets, sparking a new wave of "public companies hoarding coins."

GameStop (GME)

Listing date: June 2002 | Exchange: NYSE | Stock code: GME | Market capitalization: approximately 10.5 billion USD

GameStop is a U.S. video game retailer that announced in March 2025 it would use BTC as a reserve asset, causing its stock price to rise. At the end of May, it confirmed the purchase of 4,710 BTC, valued at $513 million, making it the 13th largest holder of BTC in the world.

In mid-June, GME completed a $2.25 billion convertible bond issuance to strengthen its BTC strategy. However, due to a decline in revenue in the first quarter and investor concerns about potential share dilution and BTC investments, GME's stock price has recently retreated.

Trump Media & Technology Group (DJT)

Listing Date: September 2021 | Exchange: NASDAQ | Stock Code: DJT | Market Capitalization: Approximately 5.1 billion USD

Trump Media & Technology Group is a social media and technology company, with its flagship products aimed at creating a decentralized censorship-free public opinion space.

In May 2025, DJT announced the launch of a $2.5 billion BTC vault strategy, incorporating BTC into its asset reserves. This news stimulated a short-term increase of 1.17% in BTC, breaking through $112,000. DJT's stock price experienced significant fluctuations, reflecting market concerns over BTC investments.

In June, DJT announced that the S-3 registration statement was approved, initiating a $2.3 billion financing, most of which is used to purchase BTC, becoming the second large U.S. stock company after MicroStrategy to use BTC as a strategic reserve.

Other Companies

More and more companies are incorporating Crypto Assets into their reserves, attempting to reconstruct valuation logic through "Crypto Reserves + Capital Market Leverage." For example, a fitness equipment manufacturer, a medical company, and an AI company have all invested in BTC, and several other companies, such as a video platform, a biotechnology company, and a restaurant company, have also joined the ranks of BTC investors.

"Coin-Stock Integration" Concept

SharpLink Gaming (SBET)

Listing Date: May 1997 | Exchange: NASDAQ | Stock Code: SBET | Market Cap: Approximately $600 million

SharpLink Gaming is a sports betting technology company that has been reporting consecutive losses in recent years. At the end of May, the company announced the sale of 69.1 million shares at $6.15 per share, raising $425 million to purchase ETH as reserve assets.

After the news was announced, the SBET stock price surged by 650% in a single day, rising 17.56 times in three days. However, the company later clarified that the news was misunderstood, and the stock price fell sharply, nearly erasing all gains. SBET may have quickly experienced a "micro-strategy" mode of rise and fall cycle.

DeFi Development Corp (DFDV)

Listing Date: July 2023 | Exchange: NASDAQ | Stock Code: DFDV | Market Cap: Approximately $460 million

DeFi Development Corp was originally a real estate financing company, and after being acquired by a team of former executives from a certain exchange in April 2025, it transformed into a SOL treasury company. The company's SOL holdings increased from 2,858 coins at the beginning of April to 609,190 coins by the end of May, valued at 97 million USD. The stock price achieved a 15-fold increase from April to May.

Trident Digital Tech Holdings (TDTH)

Listing Date: September 2024 | Exchange: NASDAQ | Stock Code: TDTH | Market Cap: Approximately 19 million USD

TDTH announced plans to raise $500 million to establish an XRP reserve and integrate XRP into its digital transformation services. After the announcement, the stock price fell over 50% from $0.45 to $0.2.

In addition, a certain pharmaceutical company, a certain energy group, and a certain hospitality group have also announced XRP investment plans, but their stock prices have all experienced varying degrees of decline, reflecting that XRP and other altcoins have not yet gained mainstream recognition.

SRM Entertainment (SRM)

Listing Date: August 2023 | Exchange: NASDAQ | Stock Code: SRM | Market Cap: Approximately $190 million

On June 16, SRM announced a $100 million investment for the TRX reserve strategy, and the founder of a certain public chain was appointed as a company advisor. After the announcement, the SRM stock price surged over 10 times, reaching a new all-time high.

The surge of Circle and MicroStrategy demonstrates the growth potential of stablecoins and the "MicroStrategy" model, as more institutions are set to participate in the stablecoin sector, building new financial strategies around Crypto Assets. However, whether this model can withstand cycles still needs long-term market testing and enterprise risk control.