The Rising Role of Ethereum and Coinbase

Bernstein notes that Ethereum’s native token ETH has surged 80% since June 5. This growth has been fueled by Circle’s (CRCL) listing and the market’s increasing recognition that the majority of stablecoins are minted on the Ethereum network.

Coinbase operates Base, one of the largest Layer 2 chains built on Ethereum. Processing over 9 million transactions daily, Base supports stablecoin transfers, trading, financial applications, and consumer-oriented services.

Base and ETH Revenue Potential

Although Base does not have its own native token, transaction fees are paid in ETH. This positions Coinbase to earn an estimated $75 million in annual revenue. Furthermore, Base has become a leading chain for token deployments. By integrating all Base tokens into its main exchange platform, Coinbase has significantly boosted trading activity, increasing ETH-denominated commission revenues.

Strengthening Its Position in the Ethereum Ecosystem

With the launch of the Base App, Coinbase now offers users a wallet to buy, sell, store, and transfer crypto — including stablecoin payments — more easily. Additionally, the company holds an Ethereum treasury of 136,782 ETH, valued at around $590 million.

According to Coinbase’s Q2 earnings report, trading fees in July rose by approximately 40% compared to the quarterly average, driven by increased ETH trading volume. This surge highlights both the broader excitement around Ethereum and Coinbase’s direct potential to benefit from the ecosystem’s growth.

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COIN Stock Surges 40% in One Month

COIN ended Thursday’s trading session up 5.5%. The stock has gained nearly 24% over the past five trading sessions and 40% in the last month. Its previous all-time closing high was $357.39, recorded in November 2021.

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The market capitalization of Coinbase Global has now reached approximately $89 billion.

Circle’s Momentum Boosts Coinbase

This rally was partly fueled by the recent IPO of Circle Internet (CRCL), the company behind USDC, the second-largest stablecoin by market cap. CRCL debuted on June 4 at $31 per share and surged over 500% to close at $213.63 on Thursday.

According to regulatory filings, in 2024, Circle paid over 60% of its USDC reserve earnings to Coinbase as distribution fees. The agreement between the two companies gives Coinbase 50% of all remaining interest income from the reserves.

First Pure-Play Crypto Firm in the S&P 500

Coinbase officially became the first crypto-native company to join the S&P 500 index as of May 19, which has attracted increased institutional interest in the stock.

Research firm Bernstein recently raised its price target for COIN to $510, calling Coinbase the “Amazon of crypto financial services.”

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Strategic Dump: ARK Offloads Circle Shares Worth $146 Million

Cathie Wood’s ARK Invest has significantly reduced its position in Circle (CRCL) after its impressive market debut. On Friday, ARK sold 609,175 shares, generating $146.2 million, just as CRCL stock jumped 20.4% to close at $240.3, up 248% from its $69 IPO price on the New York Stock Exchange.

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In total, ARK sold 1.25 million shares throughout the week, collecting around $243 million. These included $52 million in sales on Monday and $45 million on Tuesday, signaling a deliberate reduction of exposure.

ARK Still One of Circle’s Largest Shareholders

Despite the sales, ARK Invest retains a significant stake, having only sold 29% of its initial 4.49 million shareholding from the IPO. As of June 20, the firm remains the eighth-largest holder of Circle shares, according to Bloomberg Terminal.

The largest holders are currently IDG-Accel China Capital Fund II, General Catalyst, and James Breyer. Meanwhile, CRCL has become the top holding within ARK’s ARKW fund, representing a 7.8% allocation.

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CRCL Shares Surge On First Trading Day

Listed under the CRCL ticker on the New York Stock Exchange, Circle’s stock opened at $31 and soared to close at $82 — marking a 167% gain by end of day. At one point during trading, it was up 235%, a clear signal of strong appetite for stablecoin-related investments.

To meet the overwhelming interest, Circle increased its IPO offering to a total of $1.05 billion, with 34 million shares hitting the market.

BlackRock, ARK Drive Institutional Demand

Much of the demand was driven by the involvement of institutional giants. On May 28, BlackRock revealed interest in taking a 10% stake in the IPO. At the same time, Cathie Wood’s ARK Investment was reportedly looking to buy $150 million worth of shares.

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Circle is best known as the issuer of USDC, the dollar-backed stablecoin. Though the IPO was in preparation for months, the company had previously postponed plans due to macroeconomic concerns such as trade wars.

Backlash From Arca Sparks Controversy

Despite the fanfare, not everyone was satisfied. In a now-deleted post on X, Arca CIO Jeff Dorman criticized Circle for only allocating $135,000 worth of shares to Arca — despite the firm being an early supporter.

“I cannot believe our years of support led to this throwaway allocation,” Dorman wrote. “We left Wall Street to support crypto-native projects, and now you’ve come full Circle.”

His comments highlighted deeper tensions between crypto-native firms and traditional finance mindsets returning to dominate the space.

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CRCL Shares Debut on Wall Street

On June 5, Circle CEO Jeremy Allaire announced the company’s stock listing on X, marking a major milestone in a journey that began 12 years ago. Founded with the goal of reimagining global finance for the internet age, Circle’s public debut is seen as a bridge between decentralized assets and traditional capital markets.

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Circle upsized its initial public offering multiple times to meet high investor demand, finally selling 34 million shares at $31 each. The IPO raised $1.05 billion, surpassing the original plan of 24 million shares priced between $24 and $26.

A Milestone Moment for Crypto Industry

The IPO is not just a financial achievement for Circle but a symbol of how stablecoins and blockchain companies are becoming part of mainstream finance. Notable industry figures like Michael Saylor and Paul Grewal publicly congratulated the team.

“This isn’t just a personal milestone,” Allaire said. “It’s a meaningful step toward fusing the global economic system with the internet.”

As more crypto-native firms move toward public markets, the industry gains credibility and regulatory clarity. Circle‘s NYSE listing could drive greater trust in USDC and open new pathways for stablecoin innovation.

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Known as the force behind the USDC stablecoin, the US-based Circle has finally taken a long-anticipated step. The IPO application is seen not only as a milestone for Circle itself but also as part of the broader movement to integrate the crypto industry into traditional finance.

Circle to Offer 24 Million Shares in Upcoming IPO

As part of its IPO strategy, Circle plans to offer a total of 24 million Class A shares. Of these, 9.6 million shares will be offered by the company, while 14.4 million will come from existing stakeholders.

The expected share price is set to fall within the $24 to $26 range, making this offering a significant benchmark in terms of the company’s market valuation.

A Crucial Step Toward Institutional Maturity

Circle’s IPO marks a major example of the long-discussed trend of crypto firms entering traditional public markets. This move is not just about raising fresh capital—it’s also a key moment in enhancing transparency and regulatory compliance for the firm.

Already known for maintaining close cooperation with U.S. regulatory bodies, Circle stands out as one of the few crypto companies prioritizing transparency and compliance.

This content does not constitute investment advice. Markets carry high risk, and you should conduct your own research before making any investment decisions.

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