Weekly Rundown - June 8, 2025

IPOs and crypto bros

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Get the market update from June 5, 2025, checking whether we see the signs I’ve been looking for since April.

So far, we see all the signs. These signs match previous similar circumstances across multiple dimensions. Will they lead to the same result?

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Bottom line: Within two days, Circle’s share price went as high as $123.49—nearly four times its $31 offer price—putting the company’s value at $32 billion.

My take: IPOs typically come late in a market cycle, so this one is right on time. I'm sure Circle’s investors are happy to cash out with big profits. They may want to speak with the person who set the launch price. They could have listed at 4 times higher! You hired people to price the IPO correctly and missed by 300%. Did they get the Stock-to-Flow guy to do this?

Why you should care: Stablecoins are big business now and the market’s clearly frothy.

Bottom line: A Trump family business applied for an ETF with backing from Crypto.com and Yorkville America.

My take: Trump’s children and associates love crypto. I'm more interested in how it fits into the company’s strategy. It holds about $800 million in cash and bought $2.5 billion in Bitcoin on behalf of its investors. Is the ETF simply a new source of revenue? An upsell for people who engage with its other properties? Will this discourage anti-Trumpers from onboarding to crypto?

Why you should care: One more sign legacy entities have turned Bitcoin into a profit center and political statement. Let’s hope the profits last and the politics remain favorable.

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— Mark

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