Circle When it was booming, assets in the currency circle were

Source: Wall Street Journal  

The cryptocurrency boom is sweeping global stock markets in unexpected ways.  

According to media reports, following stablecoin issuer Circle's stock price surging 8-fold within two weeks of its IPO, multiple cryptocurrency exchanges—including Kraken, Gemini, and Bullish—are preparing to go public. OKX, one of the world's top three crypto exchanges, has explicitly stated it is considering a U.S. IPO.  

The shift in U.S. policy has fueled this frenzy, with Trump's supportive stance toward the crypto industry and expectations of looser regulation significantly boosting market confidence.  

OKX Chief Marketing Officer Haider Rafique noted a "major shift" in the U.S. attitude toward cryptocurrencies since the previous administration:  

"We would absolutely consider an IPO in the future, and if we go public, it will most likely be in the U.S."  

Rob Hadick, a partner at crypto venture capital firm Dragonfly, commented:  

"There’s unlikely to be a better time for an IPO than now. People are accelerating their timelines."  

### Crypto Boom Shifts to Stocks, Valuation Premiums Spark Debate  

Unlike traditional crypto markets, the current frenzy is more evident in stock performance.  

Since its IPO at $31 on June 5, Circle's stock price has skyrocketed to $240, giving it a market cap of $58 billion and making it one of the biggest first-day gainers among recent billion-dollar IPOs.  

MicroStrategy (now rebranded as Strategy) has become a market darling due to its Bitcoin holdings. According to crypto advisory firm Architect Partners, since Strategy first bought Bitcoin in 2020, global publicly traded companies have raised at least $72 billion to invest in crypto assets, with most deals occurring in 2025.  

Jeff Dorman, Chief Investment Officer at crypto asset management firm Arca, pointed out:  

"Right now, interest in crypto from investors not already in crypto far exceeds that of actual crypto users. Crypto-related stocks or proxy stocks have outperformed crypto itself for the past three to four months."  

As recently as 18 months ago, the crypto industry had minimal presence in stock markets. This changed after the approval of spot Bitcoin ETFs in early 2024.  

### Divergence Between Crypto Natives and Stock Market Newcomers  

Despite soaring enthusiasm for crypto-linked stocks, there’s a clear divide among investor groups.  

Traditional crypto investors remain skeptical of the current premium valuations, arguing that companies holding crypto assets shouldn’t trade at persistently higher valuations than the assets themselves.  

Dragonfly’s Hadick noted:  

"When the premium disappears, investors will dump these stocks quickly. These phenomena are often short-lived."  

Last week, SharpLink Gaming—which holds Ethereum—saw its stock plunge 70% after announcing it would allow private placement investors to sell shares, highlighting the market’s extreme volatility.  

Views on stablecoins also differ, given their 1:1 peg to the U.S. dollar.  

Hadick explained that crypto investors see limited utility in Circle’s stablecoin, primarily using it for trading. In contrast, stock market investors are more optimistic, betting stablecoins could become a major payment tool in the financial system.  

Hadick added:  

"The growth story we’re talking about now isn’t a crypto story—it’s a traditional payments story… This is a world most crypto people simply don’t understand."  

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