Circle’s stock experienced a significant surge on Friday as growing signs of stablecoin interest and adoption boosted investor confidence.
Circle Stays Hot
Despite some initial post-launch volatility, Circle’s stock continued to climb. After previously reaching new highs and starting to stabilize following integration into Sam Altman’s World Chain, the stock dipped but then rocketed again on Friday.
The company, issuer of USDC, reached an all-time high, trading near $133.56 after surging 25% on the day.
Following Friday’s surge, WSJ reported that retail giants Amazon and Walmart are among those considering launching their own stablecoins, pending the passage of the NEW Act stablecoin bill (originally referred to as GENIUS Act). This news drew denouncement from Senator Elizabeth Warren and consumer groups.
Circle’s listing is already drawing interest from other companies. Shopify launched USDC stablecoin payments on Base; RippleX welcomed USDC to XRP Ledger; and Brazilian fintech Matera announced its intention to use USDC pending new crypto legislation.
GameStop’s Bond Offering Fails to Boost Shares
Shares in GameStop plummeted Friday after the company announced an upsizing of its convertible bond offering from $1.75 billion to $2.25 billion.
This brought the total funding raised through the SEC-registered convertible senior notes program to $1.5 billion. The company indicated the funds are available for acquisitions, operating costs, and investments, including Bitcoin.
Despite previous enthusiasm linked to its Bitcoin treasury strategy, the announcement led to a 22% drop in its stock price shortly after intraday highs seen after its previous $1.5 billion funding round.
A recent Decrypt interview suggests investors want greater transparency: “What I think is very important for a Bitcoin treasury company is transparency and authenticity, and so far, they’ve been a black box,” Strive Asset Management’s Matt Cole stated.
Although GameStop previously purchased approximately 4,710 Bitcoin, it declined to provide future purchase commitments, citing “technical limitations.” Furthermore, the company has acknowledged trading in other digital assets, including selling off some of them in the past.
SharpLink Gaming Shares Swing Despite Fundraising
SharpLink Gaming’s stock price experienced a dramatic plummet over a single trading session, despite the company raising significant funding. The stock dipped more than 70% on Thursday following the release of a regulatory filing.
Trading commentary speculated the filing indicated holders were exiting their investment. However, Ethereum co-founder Joe Lubin defended the filing, stating the process is standard for traditional finance (TradFi) companies and misinterpreted.
SharpLink clarified later that the price swing was typical during the period between funding announcements and final corporate registration, resulting in high demand and “meme stonk” behavior. Following an alleged rebound Friday due to a $462 million Ethereum raise, the stock finished the week down nearly 72% on the day.
Other Keys in the Crypto Trading World
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Solana ETF Issuers Add Staking:
Solana ETF issuers updated filings Friday with plans to stake assets for yield, a practice restricted for Ethereum funds pre-SEC approval but potentially allowed under the current regulatory climate. -
Coinbase Welcomes Political Advisor:
Coinbase expanded its advisory council by adding David Plouffe, a political strategist involved in Obama’s 2008 campaign. His addition reflects increased bipartisan momentum for crypto legislation, though political alignments presented challenges. -
Zora vs Deloitte:
Ethereum token platform Zora sued Deloitte to prevent it from calling a consulting product “Zora AI,” accusing the firm of unfair competition despite Zora being an existing Deloitte client. -
Bitcoin Miners Bounce Back:
Data shows four top Bitcoin miners (CleanSpark, MARA, Riot Platforms, HIVE) produced more mined Bitcoin in May compared to April, a reversal from earlier industry struggles.
