Encryption Concept Stocks Boom: The New Darling of the US Stock Market

Recently, stocks of cryptocurrency-related companies have become the new favorites in the US stock market. With Coinbase entering the S&P 500 index and Circle successfully going public, crypto concept stocks are gradually entering the mainstream investors' sight. These stocks not only reflect the traditional market's attitude towards the encryption industry, but are also seen as one of the barometers of the cryptocurrency market. This article will outline the current most popular categories of crypto concept stocks in the US stock market.

Stablecoin Concept Stocks

Circle Internet Group (CRCL)

Circle went public on the New York Stock Exchange in June 2025, becoming the "first stock of stablecoins." The IPO was priced at $31, and within two weeks, the stock price soared to nearly $200, an increase of over 600%. Circle is one of the issuers of the USDC stablecoin, and its surge reflects the market's optimism towards the stablecoin sector. With the implementation of stablecoin regulatory frameworks in various countries, Circle is expected to benefit from policy dividends.

Coinbase Global (COIN)

As one of the largest cryptocurrency exchange platforms, Coinbase went public in 2021. Recently, Coinbase has been continuously expanding in areas such as Layer 2 networks, DeFi, and payments, and has launched innovative products like cryptocurrency credit cards. Notably, Coinbase holds equity in Circle and earns 50% of the profits from USDC reserves, making it one of the biggest beneficiaries of Circle's public listing.

Bitcoin Reserve Concept Stocks

MicroStrategy (MSTR)

MicroStrategy has been using Bitcoin as its primary reserve asset since 2020 and currently holds approximately 500,000 Bitcoins, accounting for nearly 3% of the global circulation. This strategy has made MSTR a "quasi-Bitcoin ETF" in the US stock market, with its stock price being highly correlated with Bitcoin prices.

GameStop (GME)

Game retailer GameStop announced in March 2025 that it had purchased 4,710 bitcoins, worth approximately $513 million. It then completed a $2.25 billion note issuance to further increase its bitcoin holdings. This move caused significant fluctuations in its stock price.

Trump Media & Technology Group (DJT)

Trump's technology company announced the launch of a $2.5 billion Bitcoin reserve strategy in May 2025. This news drove Bitcoin to rise sharply in the short term, but DJT's stock price experienced significant volatility, reflecting the market's divided views on this move.

"Coin-Stock Integration" Concept Stocks

SharpLink Gaming (SBET)

The sports betting technology company announced that it will issue a large number of shares, and the funds raised will be used to purchase Ethereum as a reserve asset. After the news was released, the SBET stock price skyrocketed 17 times in the short term, but then it significantly fell back.

DeFi Development Corp (DFDV)

After the original real estate financing company transformed into a Solana treasury company, its stock price achieved several times growth in a short period. By the end of May, the company held over 600,000 SOL, worth nearly 100 million dollars.

SRM Entertainment (SRM)

Toy company SRM announced it has secured a $100 million investment to launch its TRON token reserve strategy. Meanwhile, TRON founder Justin Sun has been appointed as a company advisor. Following the announcement, SRM's stock price skyrocketed over 10 times.

Despite the recent strong performance of cryptocurrency concept stocks, it remains to be seen whether this model can withstand the long-term test of the market. Investors should carefully assess the relevant risks.