Circle Hits $48B: 500% Soar Since IPO

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Good Morning.

I don’t have much to comment on other than all eyes are still on the Middle East tension to decide if we’re going to gap up or down. Personally not a fan that we haven’t decided on anything concrete as we enter into the weekend. Crypto will most likely be the preferred vehicle to frontrun any news that comes out over the weekend before Monday equities open.

In Today's Email:

• What Matters: Circle Stock Soars Over 500% 🚀 

• Founders Highlight: Ryan of opt.fun 👨 

• Deal Flow: Lion Group’s $600M HYPE Treasury 💰️ 

You read and share. We listen and improve. Send us feedback at [email protected].

TOGETHER WITH

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It brings exclusive quests and updates from Oasys content, letting Access Pass holders earn points by participating in campaigns. The more points you earn, the more benefits you unlock.

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WHAT MATTERS

Circle Stock Soars Over 500% After IPO

State of play: Circle Internet Group (CRCL), issuer of USDC, has seen its stock skyrocket over 530% since going public at $31 on June 5, closing at $199.59 on June 19 with a 33.8% single-day gain.

• The surge coincided with the Senate's approval of the GENIUS Act, a major stablecoin regulatory framework now heading to the House.

• Coinbase shares rose 16% alongside the GENIUS Act news.

• President Trump has publicly supported the bill, pushing for swift passage.

• Investor confidence in the stablecoin sector appears to be strengthening.

• USDC, Circle’s flagship stablecoin, now holds a $61.4B market cap and represents 25% of the $243B stablecoin supply.

Adoption is growing, with XRP Ledger integrating USDC and Coinbase Derivatives planning to use it as futures collateral by 2026. Major brands like Amazon and Walmart are also exploring stablecoin launches.

• World Liberty Financial’s USD1 was used in a $2B investment into Binance from Abu Dhabi, further validating the growing demand for USD-pegged assets.

What’s next: Circle's rally could encourage other crypto firms like Gemini and Kraken to move forward with IPO plans.

For builders and investors: There’s a clear demand for a pure play crypto opportunity from TradFi, that’s often undervalued by crypto-native investors.

BUILDER-INVESTOR HIGHLIGHT

Ryan Galvankar of opt.fun

Intro: Ryan Galvankar is the Founder of opt.fun, a new decentralized options trading protocol built on the Hyperliquid blockchain, designed specifically for ultra-high-leverage, short-duration crypto trades.

• Ryan is also the founder of Convexity Labs.

Previous background: Before entering crypto full-time, he worked as an investment associate at Atalaya Capital and an analyst at Magnetar Capital, focusing on complex financial products.

• He holds dual degrees in Electrical Engineering and Finance from the University of Pennsylvania’s M&T Program.

The big idea: Ryan, through opt.fun, wants to create a fair, high-volatility playground for both small traders and pros, where users can speculate on blue-chip crypto assets with massive upside potential.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

INSIGHTS

Blockworks’ Token Transparency Framework

State of play: Blockworks has launched the Token Transparency Framework (TTF), an open-source disclosure system that helps crypto projects share standardized, essential information with the public.

• It addresses key issues like unclear token supply, insider incentives, and vesting schedules.

• The framework scores projects based on transparency (not quality) across 18 criteria in four categories: team, financials, token supply, and market structure.

• Projects like Jito, Jupiter, and Morpho have already adopted it.

• TTF aims to help investors, exchanges, and market makers make better decisions while encouraging responsible self-regulation across the industry.

DEAL FLOWS

Lion Group Secures $600M for Hyperliquid Treasury

Deal flows soared this week - we saw $650M in deals 💼 

Nasdaq-listed Lion Group has secured a $600M facility from ATW Partners to fund its Hyperliquid (HYPE) treasury initiative.

• The first $10.6M tranche is expected to close within 48 hours.

• The deal marks Lion’s deeper push into decentralized finance, with plans to allocate funds to Solana and Sui for custody and staking.

• BitGo will manage asset custody.

Deal flows in the past week:

• Colossus Digital, $1.15M Seed Round

• Defx, $2.5M Seed Round

• PrismaX, $11M Seed Round

• Yupp, $33M Seed Round

• Sunrise, $2M Public Token Sale

• Sahara Labs, $8.5M Public Token Sale

• Lion Group, $600M Facility Deal

QUICK BITES

• DeFi lending hits record $55B TVL.

• Feds files to seize $225M in crypto.

• Bitcoin transactions hit 18-month low.

• X plans to roll out in-app trading and investing.

• Pavel Durov allowed to leave France for the second time.

• Trump urges the House to pass the GENIUS Stablecoin Bill.

• Trump’s family reduces stake in WLFI amid growing scrutiny.

• Bitdeer seeks to raise $330M in third convertible notes offering.

• Polygon co-founder spins off to launch independent zk project.

• Bank of Korea warns local stablecoins could boost dollar demand.

• Coinbase moves to add USDC as collateral for US futures by 2026.

• Paxos launches new startup to help institutions offer DeFi products.

• Arizona revives bill seeking to create reserve fund from seized crypto.

• Scott Bessent says Trump’s crypto push will “lock in” USD supremacy.

• South Korean authorities submit a spot crypto ETF approval roadmap.

• Lion Group shares jump 20% on $600M facility for Hyperliquid treasury.

• Circle's stock nears $200, rises over 500% two weeks after going public.

NOTEWORTHY READS

• Slate’s read on sperm racing.

• Etherealize’s read on ETH as digital oil.

• Foobar’s read on the latest casino scam.

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