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The trend of the cryptocurrency market being Americanized is approaching! How to select the next Circle? What risks should be noted?

With the successful listing of the first stablecoin stock, $Circle (CRCL.US)$ which has attracted global attention, many people in the cryptocurrency circle are beginning to turn their gaze towards the Hong Kong and American stock markets. Compared to the price trends of cryptocurrencies themselves, crypto-concept stocks perform stronger,the topic of "the Americanization of the cryptocurrency market" is expected to continue to generate heated discussions.
So, what "crypto stocks" are worth paying attention to in the current American stock market?
Currently, the entire concept stock of Cryptos is mainly divided into four categories: stablecoin concept stocks, trading platforms, mining stocks, and holding coin stocks. Specifically:
With the successful listing of the first stablecoin stock, $Circle (CRCL.US)$ which has attracted global attention, many people in the cryptocurrency circle are beginning to turn their gaze towards the Hong Kong and American stock markets. Compared to the price trends of cryptocurrencies themselves, crypto-concept stocks perform stronger,the topic of "the Americanization of the cryptocurrency market" is expected to continue to generate heated discussions. So, what "crypto stocks" are worth paying attention to in the current American stock market? Currently, the entire concept stock of Cryptos is mainly divided into four categories: stablecoin concept stocks, trading platforms, mining stocks, and holding coin stocks. Specifically: 1. Stablecoin concept stocks "The first stablecoin stock" Circle has recently attracted a lot of market attention, rising over 860% since its listing, with the stock price once approaching 300 dollars. Seaport Research Partners predicts thatthe total Market Cap of the stablecoin market will grow from the current 260 billion dollars to 500 billion dollars by the end of 2026, potentially reaching a scale of 2 trillion dollars in the long term.This growth is primarily driven by the adoption of stablecoins in sectors such as DeFi, cross-border payments, and e-commerce. The USDC stablecoin issued by Circle currently holds a 29% market share, second only to Tether's USDT. Although the market share still lags behind Tether,USDC possesses unique advantages in compliance, transparency, and collaboration with financial institutions,and is viewed as a more regulated digital dollar, aligning more closely with traditional finance...
1. Stablecoin concept stocks
"The first stablecoin stock" Circle has recently attracted a lot of market attention, rising over 860% since its listing, with the stock price once approaching 300 dollars.
With the successful listing of the first stablecoin stock, $Circle (CRCL.US)$ which has attracted global attention, many people in the cryptocurrency circle are beginning to turn their gaze towards the Hong Kong and American stock markets. Compared to the price trends of cryptocurrencies themselves, crypto-concept stocks perform stronger,the topic of "the Americanization of the cryptocurrency market" is expected to continue to generate heated discussions. So, what "crypto stocks" are worth paying attention to in the current American stock market? Currently, the entire concept stock of Cryptos is mainly divided into four categories: stablecoin concept stocks, trading platforms, mining stocks, and holding coin stocks. Specifically: 1. Stablecoin concept stocks "The first stablecoin stock" Circle has recently attracted a lot of market attention, rising over 860% since its listing, with the stock price once approaching 300 dollars. Seaport Research Partners predicts thatthe total Market Cap of the stablecoin market will grow from the current 260 billion dollars to 500 billion dollars by the end of 2026, potentially reaching a scale of 2 trillion dollars in the long term.This growth is primarily driven by the adoption of stablecoins in sectors such as DeFi, cross-border payments, and e-commerce. The USDC stablecoin issued by Circle currently holds a 29% market share, second only to Tether's USDT. Although the market share still lags behind Tether,USDC possesses unique advantages in compliance, transparency, and collaboration with financial institutions,and is viewed as a more regulated digital dollar, aligning more closely with traditional finance...
Seaport Research Partners predicts thatthe total Market Cap of the stablecoin market will grow from the current 260 billion dollars to 500 billion dollars by the end of 2026, potentially reaching a scale of 2 trillion dollars in the long term.This growth is primarily driven by the adoption of stablecoins in sectors such as DeFi, cross-border payments, and e-commerce.
The USDC stablecoin issued by Circle currently holds a 29% market share, second only to Tether's USDT.
Although the market share still lags behind Tether,USDC possesses unique advantages in compliance, transparency, and collaboration with financial institutions,and is seen as a more regulated digital dollar, making its connection to traditional finance a key selling point.
As more businesses incorporate stablecoins into their cash management or use them for payments,the use cases for USDC will significantly expand.
2. Trading Platform
$Coinbase (COIN.US)$ It has risen more than 50% this year, with the stock price recently climbing to new highs. Bernstein Analyst rated the crypto platform as"a one-stop Amazon platform for cryptocurrency services."
With the successful listing of the first stablecoin stock, $Circle (CRCL.US)$ which has attracted global attention, many people in the cryptocurrency circle are beginning to turn their gaze towards the Hong Kong and American stock markets. Compared to the price trends of cryptocurrencies themselves, crypto-concept stocks perform stronger,the topic of "the Americanization of the cryptocurrency market" is expected to continue to generate heated discussions. So, what "crypto stocks" are worth paying attention to in the current American stock market? Currently, the entire concept stock of Cryptos is mainly divided into four categories: stablecoin concept stocks, trading platforms, mining stocks, and holding coin stocks. Specifically: 1. Stablecoin concept stocks "The first stablecoin stock" Circle has recently attracted a lot of market attention, rising over 860% since its listing, with the stock price once approaching 300 dollars. Seaport Research Partners predicts thatthe total Market Cap of the stablecoin market will grow from the current 260 billion dollars to 500 billion dollars by the end of 2026, potentially reaching a scale of 2 trillion dollars in the long term.This growth is primarily driven by the adoption of stablecoins in sectors such as DeFi, cross-border payments, and e-commerce. The USDC stablecoin issued by Circle currently holds a 29% market share, second only to Tether's USDT. Although the market share still lags behind Tether,USDC possesses unique advantages in compliance, transparency, and collaboration with financial institutions,and is viewed as a more regulated digital dollar, aligning more closely with traditional finance...
Bernstein Analyst stated, "Coinbase is the most misunderstood company in our cryptocurrency coverage." They raised the stock's target price from $310 to $510, rating it "outperform". Analysts indicated that
as the only crypto company in the S&P 500 Index, Coinbase dominates the US cryptocurrency trading market, operating the largest stablecoin business in the Exchange and providing custody services for the underlying assets of most Bitcoin spot ETFs in the US.
Coinbase has added several fast-growing businesses such as institutional custody, Base blockchain services, and Prime lending platform, becoming "the Amazon of cryptocurrency financial services" by offering crypto financial services that go beyond simple trading.
Source: Bernstein
Source: Bernstein
Besides Coinbase, other notable mentions include $Robinhood (HOOD.US)$ In the Hong Kong stock market, there is $OSL GROUP (00863.HK)$
Robinhood itself is a traditional stock trading platform but is actively expanding into Cryptos, recently acquiring Bitstamp. Benefiting from the enthusiasm in the crypto space and the booming trading in the US stock market, the company's stock has risen over 126% this year.
With the successful listing of the first stablecoin stock, $Circle (CRCL.US)$ which has attracted global attention, many people in the cryptocurrency circle are beginning to turn their gaze towards the Hong Kong and American stock markets. Compared to the price trends of cryptocurrencies themselves, crypto-concept stocks perform stronger,the topic of "the Americanization of the cryptocurrency market" is expected to continue to generate heated discussions. So, what "crypto stocks" are worth paying attention to in the current American stock market? Currently, the entire concept stock of Cryptos is mainly divided into four categories: stablecoin concept stocks, trading platforms, mining stocks, and holding coin stocks. Specifically: 1. Stablecoin concept stocks "The first stablecoin stock" Circle has recently attracted a lot of market attention, rising over 860% since its listing, with the stock price once approaching 300 dollars. Seaport Research Partners predicts thatthe total Market Cap of the stablecoin market will grow from the current 260 billion dollars to 500 billion dollars by the end of 2026, potentially reaching a scale of 2 trillion dollars in the long term.This growth is primarily driven by the adoption of stablecoins in sectors such as DeFi, cross-border payments, and e-commerce. The USDC stablecoin issued by Circle currently holds a 29% market share, second only to Tether's USDT. Although the market share still lags behind Tether,USDC possesses unique advantages in compliance, transparency, and collaboration with financial institutions,and is viewed as a more regulated digital dollar, aligning more closely with traditional finance...
On the news front, Robinhood is expanding its crypto territory at an unprecedented pace. Following the acquisition of the established Exchange Bitstamp for $0.2 billion, the company has also successively acquired the Canadian platform WonderFi, launched the stablecoin USDG, and is actively planning the technological development for asset on-chain and multi-chain platforms. This movement, centered around "brokerage transforming into a blockchain financial giant," has already taken shape.
Additionally, known as the Hong Kong version of Coinbase, $OSL GROUP (00863.HK)$ it has benefited from the Hong Kong stablecoin regulations this year, with an increase of up to 75% within the year.
With the successful listing of the first stablecoin stock, $Circle (CRCL.US)$ which has attracted global attention, many people in the cryptocurrency circle are beginning to turn their gaze towards the Hong Kong and American stock markets. Compared to the price trends of cryptocurrencies themselves, crypto-concept stocks perform stronger,the topic of "the Americanization of the cryptocurrency market" is expected to continue to generate heated discussions. So, what "crypto stocks" are worth paying attention to in the current American stock market? Currently, the entire concept stock of Cryptos is mainly divided into four categories: stablecoin concept stocks, trading platforms, mining stocks, and holding coin stocks. Specifically: 1. Stablecoin concept stocks "The first stablecoin stock" Circle has recently attracted a lot of market attention, rising over 860% since its listing, with the stock price once approaching 300 dollars. Seaport Research Partners predicts thatthe total Market Cap of the stablecoin market will grow from the current 260 billion dollars to 500 billion dollars by the end of 2026, potentially reaching a scale of 2 trillion dollars in the long term.This growth is primarily driven by the adoption of stablecoins in sectors such as DeFi, cross-border payments, and e-commerce. The USDC stablecoin issued by Circle currently holds a 29% market share, second only to Tether's USDT. Although the market share still lags behind Tether,USDC possesses unique advantages in compliance, transparency, and collaboration with financial institutions,and is viewed as a more regulated digital dollar, aligning more closely with traditional finance...
3. Mining Stocks
However, as the days of "mining" become increasingly difficult, major mining companies are seeking transformation. Major Bitcoin miners are replacing some mining equipment with devices used for running and training AI systems.
Such as new players in the field of artificial intelligence.$CoreWeave (CRWV.US)$Once again launching a challenge against American Bitcoin miners.$Core Scientific (CORZ.US)$The acquisition attempt stimulated Core Scientific to soar by 33%.
With the successful listing of the first stablecoin stock, $Circle (CRCL.US)$ which has attracted global attention, many people in the cryptocurrency circle are beginning to turn their gaze towards the Hong Kong and American stock markets. Compared to the price trends of cryptocurrencies themselves, crypto-concept stocks perform stronger,the topic of "the Americanization of the cryptocurrency market" is expected to continue to generate heated discussions. So, what "crypto stocks" are worth paying attention to in the current American stock market? Currently, the entire concept stock of Cryptos is mainly divided into four categories: stablecoin concept stocks, trading platforms, mining stocks, and holding coin stocks. Specifically: 1. Stablecoin concept stocks "The first stablecoin stock" Circle has recently attracted a lot of market attention, rising over 860% since its listing, with the stock price once approaching 300 dollars. Seaport Research Partners predicts thatthe total Market Cap of the stablecoin market will grow from the current 260 billion dollars to 500 billion dollars by the end of 2026, potentially reaching a scale of 2 trillion dollars in the long term.This growth is primarily driven by the adoption of stablecoins in sectors such as DeFi, cross-border payments, and e-commerce. The USDC stablecoin issued by Circle currently holds a 29% market share, second only to Tether's USDT. Although the market share still lags behind Tether,USDC possesses unique advantages in compliance, transparency, and collaboration with financial institutions,and is viewed as a more regulated digital dollar, aligning more closely with traditional finance...
Other Bitcoin mining companies embracing AI include Iris Energy, Bit Digital, TeraWulf, and others.Analysts at JP Morgan Chase believe that Bitcoin miners are no longer limited to traditional mining businesses and can utilize their power and computing resources to flexibly transform into high-performance computing (HPC) and AI computing hosting centers, thus opening up new sources of revenue. Technology giants can gain valuable power resources through cooperation with these miners or direct acquisition operations, thereby expanding their computing power and promoting further development of AI business.
Despite many mining companies actively turning to AI, some companies still focus on mining and holding Bitcoin.
For example, miners such as MARA Holdings, Riot Platforms, and CleanSpark are steadfast "Hodlers" of Bitcoin (Hodl is an industry term meaning to hold cryptocurrency long-term).They have retained the Bitcoin they mined and expect this asset to continue appreciating in value in the future.
4. Coin holding stocks
In the US stock market, the most attention-grabbing stocks are undoubtedly those held by major holders. $Strategy (MSTR.US)$ This company has risen over 33% this year, slightly underperforming compared to the Exchange.
With the successful listing of the first stablecoin stock, $Circle (CRCL.US)$ which has attracted global attention, many people in the cryptocurrency circle are beginning to turn their gaze towards the Hong Kong and American stock markets. Compared to the price trends of cryptocurrencies themselves, crypto-concept stocks perform stronger,the topic of "the Americanization of the cryptocurrency market" is expected to continue to generate heated discussions. So, what "crypto stocks" are worth paying attention to in the current American stock market? Currently, the entire concept stock of Cryptos is mainly divided into four categories: stablecoin concept stocks, trading platforms, mining stocks, and holding coin stocks. Specifically: 1. Stablecoin concept stocks "The first stablecoin stock" Circle has recently attracted a lot of market attention, rising over 860% since its listing, with the stock price once approaching 300 dollars. Seaport Research Partners predicts thatthe total Market Cap of the stablecoin market will grow from the current 260 billion dollars to 500 billion dollars by the end of 2026, potentially reaching a scale of 2 trillion dollars in the long term.This growth is primarily driven by the adoption of stablecoins in sectors such as DeFi, cross-border payments, and e-commerce. The USDC stablecoin issued by Circle currently holds a 29% market share, second only to Tether's USDT. Although the market share still lags behind Tether,USDC possesses unique advantages in compliance, transparency, and collaboration with financial institutions,and is viewed as a more regulated digital dollar, aligning more closely with traditional finance...
In fact, this year, from Finance to Technology, from Medical to Entertainment, more and more listed companies are following the strategy path, incorporating crypto assets like BTC, ETH, SOL, and TRX into their balance sheets, initiating a capital game of re-evaluating valuations.
With the successful listing of the first stablecoin stock, $Circle (CRCL.US)$ which has attracted global attention, many people in the cryptocurrency circle are beginning to turn their gaze towards the Hong Kong and American stock markets. Compared to the price trends of cryptocurrencies themselves, crypto-concept stocks perform stronger,the topic of "the Americanization of the cryptocurrency market" is expected to continue to generate heated discussions. So, what "crypto stocks" are worth paying attention to in the current American stock market? Currently, the entire concept stock of Cryptos is mainly divided into four categories: stablecoin concept stocks, trading platforms, mining stocks, and holding coin stocks. Specifically: 1. Stablecoin concept stocks "The first stablecoin stock" Circle has recently attracted a lot of market attention, rising over 860% since its listing, with the stock price once approaching 300 dollars. Seaport Research Partners predicts thatthe total Market Cap of the stablecoin market will grow from the current 260 billion dollars to 500 billion dollars by the end of 2026, potentially reaching a scale of 2 trillion dollars in the long term.This growth is primarily driven by the adoption of stablecoins in sectors such as DeFi, cross-border payments, and e-commerce. The USDC stablecoin issued by Circle currently holds a 29% market share, second only to Tether's USDT. Although the market share still lags behind Tether,USDC possesses unique advantages in compliance, transparency, and collaboration with financial institutions,and is viewed as a more regulated digital dollar, aligning more closely with traditional finance...
Binance Coin version of MSTR $Nano Labs (NA.US)$ ; TRX version of MSTR $Tron Inc (TRON.US)$
In fact, the "Strategy" path has essentially a very low threshold:using stock premiums to purchase cryptocurrencies as asset reserves.to boost its own valuation; thenissue additional Stocks, the raised fundswill continue to increase Shareholding in Cryptos, furtherdrive up the coin price; as the coin price risesit also feeds back into the Company ValuationformingSelf-reinforcing cycle.
With the successful listing of the first stablecoin stock, $Circle (CRCL.US)$ which has attracted global attention, many people in the cryptocurrency circle are beginning to turn their gaze towards the Hong Kong and American stock markets. Compared to the price trends of cryptocurrencies themselves, crypto-concept stocks perform stronger,the topic of "the Americanization of the cryptocurrency market" is expected to continue to generate heated discussions. So, what "crypto stocks" are worth paying attention to in the current American stock market? Currently, the entire concept stock of Cryptos is mainly divided into four categories: stablecoin concept stocks, trading platforms, mining stocks, and holding coin stocks. Specifically: 1. Stablecoin concept stocks "The first stablecoin stock" Circle has recently attracted a lot of market attention, rising over 860% since its listing, with the stock price once approaching 300 dollars. Seaport Research Partners predicts thatthe total Market Cap of the stablecoin market will grow from the current 260 billion dollars to 500 billion dollars by the end of 2026, potentially reaching a scale of 2 trillion dollars in the long term.This growth is primarily driven by the adoption of stablecoins in sectors such as DeFi, cross-border payments, and e-commerce. The USDC stablecoin issued by Circle currently holds a 29% market share, second only to Tether's USDT. Although the market share still lags behind Tether,USDC possesses unique advantages in compliance, transparency, and collaboration with financial institutions,and is viewed as a more regulated digital dollar, aligning more closely with traditional finance...
This recent move of "switching tracks to save a publicly traded company whose business is declining" has made Michael Saylor, the soul of the strategy, a legendary figure.
This approach not only changed the asset structure of the strategy but also provided a textbook model for other U.S. companies.However, in reality, the lack of fundamental support and the overly leveraged gamble on buying coins may only lead to a risky path towards a bubble burst.
As shown in the figure above, many companies were performing mediocrely or even facing financial difficulties before venturing into crypto assets. From the stock price performance, most companies experienced a short-term surge after announcing reserve plans, but then fell sharply. Therefore, investors should avoid blindly chasing prices.
For example, $SharpLink (SBET.US)$ After announcing a private placement of $0.425 billion to purchase Ethereum, the stock price soared over tenfold in just a few days, but then fell sharply.
With the successful listing of the first stablecoin stock, $Circle (CRCL.US)$ which has attracted global attention, many people in the cryptocurrency circle are beginning to turn their gaze towards the Hong Kong and American stock markets. Compared to the price trends of cryptocurrencies themselves, crypto-concept stocks perform stronger,the topic of "the Americanization of the cryptocurrency market" is expected to continue to generate heated discussions. So, what "crypto stocks" are worth paying attention to in the current American stock market? Currently, the entire concept stock of Cryptos is mainly divided into four categories: stablecoin concept stocks, trading platforms, mining stocks, and holding coin stocks. Specifically: 1. Stablecoin concept stocks "The first stablecoin stock" Circle has recently attracted a lot of market attention, rising over 860% since its listing, with the stock price once approaching 300 dollars. Seaport Research Partners predicts thatthe total Market Cap of the stablecoin market will grow from the current 260 billion dollars to 500 billion dollars by the end of 2026, potentially reaching a scale of 2 trillion dollars in the long term.This growth is primarily driven by the adoption of stablecoins in sectors such as DeFi, cross-border payments, and e-commerce. The USDC stablecoin issued by Circle currently holds a 29% market share, second only to Tether's USDT. Although the market share still lags behind Tether,USDC possesses unique advantages in compliance, transparency, and collaboration with financial institutions,and is viewed as a more regulated digital dollar, aligning more closely with traditional finance...
A healthcare company $Nakamoto (NAKA.US)$ signed a final merger agreement with Satoshi Holdings to establish a Bitcoin treasury, and the stock price once surged over sixfold in a day.
With the successful listing of the first stablecoin stock, $Circle (CRCL.US)$ which has attracted global attention, many people in the cryptocurrency circle are beginning to turn their gaze towards the Hong Kong and American stock markets. Compared to the price trends of cryptocurrencies themselves, crypto-concept stocks perform stronger,the topic of "the Americanization of the cryptocurrency market" is expected to continue to generate heated discussions. So, what "crypto stocks" are worth paying attention to in the current American stock market? Currently, the entire concept stock of Cryptos is mainly divided into four categories: stablecoin concept stocks, trading platforms, mining stocks, and holding coin stocks. Specifically: 1. Stablecoin concept stocks "The first stablecoin stock" Circle has recently attracted a lot of market attention, rising over 860% since its listing, with the stock price once approaching 300 dollars. Seaport Research Partners predicts thatthe total Market Cap of the stablecoin market will grow from the current 260 billion dollars to 500 billion dollars by the end of 2026, potentially reaching a scale of 2 trillion dollars in the long term.This growth is primarily driven by the adoption of stablecoins in sectors such as DeFi, cross-border payments, and e-commerce. The USDC stablecoin issued by Circle currently holds a 29% market share, second only to Tether's USDT. Although the market share still lags behind Tether,USDC possesses unique advantages in compliance, transparency, and collaboration with financial institutions,and is viewed as a more regulated digital dollar, aligning more closely with traditional finance...
Overall, the collective influx of listed companies into the crypto reserve field may appear to be an acknowledgment of crypto assets, but in reality, they deeply understand the workings of the capital markets. Especially under the backdrop of performance pressure and limited Market Cap, adopting popular strategies such as "coin-stock linkage" can significantly reshape their valuation logic.However, the healthy development of this trend will long-term depend on three key factors: the sustainability of the corporate reserve structure, the actual value-adding capability of crypto assets, and the transparency of on-chain behavior.
With the successful listing of the first stablecoin stock, $Circle (CRCL.US)$ which has attracted global attention, many people in the cryptocurrency circle are beginning to turn their gaze towards the Hong Kong and American stock markets. Compared to the price trends of cryptocurrencies themselves, crypto-concept stocks perform stronger,the topic of "the Americanization of the cryptocurrency market" is expected to continue to generate heated discussions. So, what "crypto stocks" are worth paying attention to in the current American stock market? Currently, the entire concept stock of Cryptos is mainly divided into four categories: stablecoin concept stocks, trading platforms, mining stocks, and holding coin stocks. Specifically: 1. Stablecoin concept stocks "The first stablecoin stock" Circle has recently attracted a lot of market attention, rising over 860% since its listing, with the stock price once approaching 300 dollars. Seaport Research Partners predicts thatthe total Market Cap of the stablecoin market will grow from the current 260 billion dollars to 500 billion dollars by the end of 2026, potentially reaching a scale of 2 trillion dollars in the long term.This growth is primarily driven by the adoption of stablecoins in sectors such as DeFi, cross-border payments, and e-commerce. The USDC stablecoin issued by Circle currently holds a 29% market share, second only to Tether's USDT. Although the market share still lags behind Tether,USDC possesses unique advantages in compliance, transparency, and collaboration with financial institutions,and is viewed as a more regulated digital dollar, aligning more closely with traditional finance...
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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