The heat of encryption concept stocks is rising, and US stocks are迎来 a new "coin stock" trend.

In May 2025, Coinbase officially entered the S&P 500 index, marking the beginning of the cryptocurrency industry entering the sight of mainstream investors. Following this, stablecoin giant Circle went public on the NYSE in June, and its stock price soared over 600% in just two weeks, triggering a wave of "altcoin season".

Encryption company stocks are becoming a hot topic of market attention, attracting not only traditional investors but also being seen by coin circle individuals as an important indicator of market trends. This article will outline the main speculative targets of recent US stock encryption concept stocks.

The performance of stablecoin concept stocks is impressive

Circle Internet Group (CRCL)

Circle went public on the New York Stock Exchange on June 5, becoming the first large encryption company to successfully IPO after Coinbase. The company's IPO was priced at $31, and by June 19, the stock price had risen to $199.81, setting a new high for U.S. stock IPO performance in recent years.

Circle was founded in 2013 and, after several business transformations, began focusing on the issuance and management of the USDC stablecoin in 2018. Against the backdrop of a gradually clearer global regulatory framework for stablecoins, Circle's surge reflects the market's optimism about the future value of the stablecoin sector.

Coinbase Global (COIN)

As one of the largest cryptocurrency trading platforms, Coinbase serves over 120 million users across more than 100 countries. Recently, the company has made significant progress in multiple areas including Layer2 networks, DeFi ecosystems, and payment services.

It is worth noting that Coinbase, as a joint issuer of USDC, receives 50% of the remaining revenue from Circle's USDC reserves. This means that Circle's successful IPO also brings considerable implicit benefits to Coinbase.

The concept of "Bitcoin reserves" continues to ferment

MicroStrategy Incorporated (MSTR)

MicroStrategy has been using Bitcoin as its primary reserve asset since August 2020 and currently holds over 500,000 coins, accounting for nearly 3% of the global supply. This strategy has turned MSTR into a "quasi-Bitcoin ETF" in the U.S. stock market, with its stock price showing a high positive correlation to the price of Bitcoin.

GameStop Corp. (GME)

Game retailer GameStop announced in May this year that it had purchased approximately 4,710 bitcoins, worth about $513 million. The company also plans to issue $1.75 billion in notes to further expand its bitcoin reserves.

Trump Media & Technology Group Corp (DJT)

Trump's social media company announced the launch of a $2.5 billion Bitcoin reserve plan at the end of May. The company subsequently received SEC approval to initiate a $2.3 billion financing plan, most of which will be used to purchase Bitcoin.

The "Coin-Stock Integration" Concept Attracts Market Attention

SharpLink Gaming (SBET)

Sports betting technology company SharpLink Gaming announced plans to issue $425 million in stock to purchase Ethereum as a reserve asset. Following the announcement, the company's stock price soared more than 17 times in the short term, but then fell significantly.

DeFi Development Corp (DFDV)

The original real estate financing company has transformed into a Solana treasury company under the leadership of the new management team. As of the end of May, the company holds over 600,000 SOL, worth nearly 100 million dollars.

SRM Entertainment, Inc. (SRM)

Toy design company SRM announced that it has secured $100 million in investment to launch its TRON coin reserve strategy. Meanwhile, TRON founder Sun Yuchen has been appointed as a company advisor. Following the announcement, SRM's stock price skyrocketed by more than 10 times.

With the success of Circle and MicroStrategy, more and more companies are beginning to attempt to incorporate encryption currencies into their reserve assets or explore business transformations related to blockchain. However, whether this model can withstand the long-term test of the market remains to be seen.