Circle IPO Soars on Stablecoin Regulation While Bitcoin Treasury Firms Lag

Circle’s CRCL shares jumped nearly eightfold after its $31 IPO and Senate passage of the GENIUS Act, opening at $156.36 and topping $240 within days. Seaport Research initiated coverage with a buy rating and $235 target, forecasting the stablecoin market could reach $500 billion by year-end and $2 trillion long term. Coinbase (COIN) also rallied over 30%, driven by its USDC co-founding ties. In contrast, Bitcoin treasury firms faced valuation pressures: Semler Scientific’s mNAV held at 1.07–1.23 despite plans to boost reserves, and Fold’s $250 million equity raise failed to lift its share price. Other developments include Tron (TRX) pursuing a Nasdaq reverse merger, Bitdeer’s share drop after raising $330 million for data centers, and FalconX exploring an IPO. Overall, stablecoin issuers benefit from regulatory clarity and institutional interest, while Bitcoin treasury companies contend with market volatility and stretched valuations.