Appold Market Watch - Week ending 6 June 2025
Market Update & Industry News - Week ending 6 June 2025
🔷 Circle Internet Group, the issuer of dollar-pegged stablecoin USDC, has begun public trading following its initial public offering (IPO) on the New York Stock Exchange (NYSE). Under the ticker CRCL, the stock surged 167% on its first day of public trading and was significantly oversubscribed, with demand reportedly exceeding the number of shares available by 25 times
Appold view: Circle’s highly successful IPO highlights investor expectations of stablecoin utility within institutional finance in the coming years. The flotation will likely attract other established digital asset firms to public markets.
🔷 IG Group has become the first UK-listed company to offer digital asset trading to retail investors. IG customers can trade 31 digital assets, including Bitcoin, Ethereum and XRP. The offering is in collaboration with Uphold, which will provide pricing data, handle transactions, and serve as custodian for the digital assets held by IG Group’s customers.
Appold view: This offering marks a milestone in the mainstream integration of digital assets within regulated UK financial markets. Given widespread scepticism of the UK’s ability to maintain competitiveness in facilitating digital asset entrepreneurship, this is a welcome sign of increasing regulatory clarity and institutional confidence.
🔷 Trump Media & Technology Group Corp. announced its filing for a Bitcoin exchange-traded fund (ETF), the Truth Social Bitcoin ETF B.T., with Crypto.com as custodian and Yorkville America Digital as sponsor. If approved, the fund will be listed on NYSE Arca.
Appold view: While this move underscores Trump Media's growing involvement in digital assets, the logic behind launching a Bitcoin ETF is unclear. The Bitcoin ETF market is not only crowded but also dominated by BlackRock’s iShares Bitcoin Trust (IBIT), with no other Bitcoin ETF coming close to BlackRock’s level of investor traction.
🔷 J.P. Morgan plans to accept BlackRock’s iShares Bitcoin Trust (IBIT) shares as collateral for loans and will start considering digital asset holdings in net worth and liquidity assessments for certain customers, similar to its treatment of traditional securities such as stocks.
Appold view: JPMorgan has long been sceptical about digital assets, with CEO Jamie Dimon frequently and publicly voicing criticisms. This shift highlights the growing institutional pressure to accommodate digital assets as their influence in traditional finance deepens.
#Marketwatch #Blockchain #Investments
