Cryptocurrency stocks in the US have mixed performance as investor attention shifts between IPO excitement and index rebalancing disappointment. Circle (CRCL) rose nearly 260% after its historic NYSE launch, while Robinhood (HOOD) dropped over 5% after being excluded from the S&P 500.
Riot Platforms (RIOT) also declined nearly 3% after failing to maintain an important resistance level, despite analysts predicting significant potential. Meanwhile, Strategy (MSTR) continues to lead in corporate Bitcoin adoption, though its stock faces short-term pressure.
Circle rises 260% after historic NYSE launch
Circle (CRCL), the USDC issuer, made history by becoming the first stablecoin company listed on the New York Stock Exchange. After launching at $31 per share, CRCL increased over 200% to $100 on the first day and is currently trading around $109.
The IPO raised $1.1 billion and valued the company at $6.9 billion, showing strong investor demand. CEO Jeremy Allaire called the listing a significant milestone in Circle's long-term mission to reshape global finance.
After the IPO, ProShares and Bitwise submitted proposals to the SEC to launch ETFs tracking Circle's stock performance.
This includes a leveraged ETF and a strategic income options ETF, both expected to launch in August if approved. These filings indicate growing traditional finance interest in stablecoin infrastructure as regulations evolve and USDC's market capitalization exceeds $61 billion.
CLCR price chart. Source: TradingView.Retail investor momentum played a crucial role in CRCL's nearly 260% surge, compared to recent IPOs like CoreWeave. It reached a daily high of $123.49 before stabilizing.
Unlike other listings, Circle has a solid foundation—$1.68 billion 2024 revenue and $155.7 million net income—primarily from interest on its $60 billion USDC reserves.
"Circle's stock has increased four times from its initial offering price, an extraordinary moment bringing it close to Coinbase's historic $86 billion launch. With an expected valuation near $30 billion, Circle is proving stablecoins are now a core infrastructure for the global economy. I expect a strong crypto IPO wave to follow, starting with the Gemini crypto exchange, which confidently filed its IPO in recent days. Stablecoins are on track to support over $10 trillion in transactions by 2026. This isn't a trend, it's a transformation." – Anil Oncu, Bitpace CEO, told BeInCrypto.
Robinhood drops 5% after S&P 500 rejection, Riot and MicroStrategy also decline
Robinhood (HOOD) stock dropped over 5% in 24 hours after being excluded from the S&P 500 in the latest quarterly rebalancing. This exclusion surprised many, especially after Bank of America recently called Robinhood a top candidate for index inclusion.
The stock had risen over 13% the previous week in anticipation, but S&P Dow Jones Indices ultimately decided to maintain the index. This miss is a setback for Robinhood, which has increased nearly 90% YTD due to strong stock and cryptocurrency trading performance.
Riot Platforms (RIOT) is also under pressure, declining nearly 3% in 24 hours. The stock could not break and hold above the $10.20 resistance level and is currently trading near $9.70.
Despite recent declines, analyst sentiment remains optimistic—among 15 analysts, the medium price target is $15.73, implying 61% potential growth. However, failing to maintain momentum at critical levels may cause short-term trader concerns.
Meanwhile, Strategy (MSTR), formerly MicroStrategy, has dropped nearly 8% in the past month, though it has increased over 32% YTD. The company remains the largest public Bitcoin holder, with nearly 581,000 BTC—valued around $62 billion.
Strategy's aggressive Bitcoin accumulation strategy continues to influence other companies, including Vanadi Coffee, a Spanish coffee chain that recently announced a $1.1 billion BTC allocation. Vanadi aims to become a Bitcoin-priority company, following Strategy's approach as cryptocurrency acceptance deepens across industries.
