Circle Skyrockets 260% on NYSE Debut as Robinhood and Riot Stocks Slip—US Crypto Equities in Focus

Circle Soars After Historic IPO While Robinhood, Riot Platforms Struggle Amid Market Rebalancing

The U.S. crypto stock landscape saw sharp divergences this week, with Circle’s debut on the New York Stock Exchange igniting investor enthusiasm, while Robinhood and Riot Platforms stumbled following index rebalancing setbacks.

Circle’s IPO Ignites a Market Frenzy

Circle (CRCL), the issuer behind USDC, made history as the first stablecoin-focused company to go public on the NYSE. The company’s stock launched at $31 and surged over 260%, hitting a high of $123.49 before stabilizing around $109.

The IPO raised $1.1 billion and valued Circle at nearly $7 billion—underscoring mainstream appetite for crypto infrastructure stocks. CEO Jeremy Allaire described the listing as a landmark moment for both the company and the digital economy.

With strong fundamentals—$1.68 billion in 2024 revenue and over $155 million in net income—Circle’s explosive entry into public markets has drawn comparisons to Coinbase’s blockbuster listing. It has also prompted ETF filings from ProShares and Bitwise, signaling deepening Wall Street interest in stablecoin-focused equities.

“Stablecoins like USDC are fast becoming the rails for global money movement,” said Anil Oncu, CEO of Bitpace. “Circle’s debut marks a turning point—not just for crypto, but for global financial infrastructure. I expect a wave of crypto IPOs to follow.”

Circle’s surge is powered by retail and institutional investors alike. Its USDC token now boasts a market cap over $61 billion and is projected to help settle over $10 trillion in transactions by 2026.

Robinhood Misses S&P 500 Inclusion, Drops 5%

While Circle soared, Robinhood (HOOD) faced disappointment. The trading app’s stock slid over 5% after it was excluded from the latest S&P 500 index rebalancing, despite being considered a strong candidate by major analysts, including Bank of America.

The decision by S&P Dow Jones Indices came after a week-long rally that saw Robinhood shares jump more than 13%. Year-to-date, the stock is still up nearly 90%, buoyed by renewed retail trading and crypto activity. However, the snub may slow its near-term momentum.

Riot Platforms and Strategy Face Pressure

Riot Platforms (RIOT), a major crypto mining company, also saw its stock slip nearly 3%, failing to break past key resistance at $10.20. It’s currently hovering around $9.70, though analysts maintain a bullish long-term outlook with an average price target of $15.73—suggesting a 61% potential upside.

Meanwhile, Strategy (MSTR)—formerly MicroStrategy and still the largest public Bitcoin holder—has declined nearly 8% over the past month despite gaining 32% in 2025 so far. The company currently holds about 581,000 BTC, valued at approximately $62 billion.

Its influence continues to ripple across the corporate landscape. Spanish coffee chain Vanadi recently announced a $1.1 billion allocation to Bitcoin, citing Strategy as its model for becoming a crypto-first business.