Circle Stock Spikes to All-Time High as Ethereum Treasury SharpLink Begins Rebound

A pair of crypto stocks, CRCL and SBET, are trading significantly higher on Monday, with shares of stablecoin issuer Circle marking a new all-time high price after completing its IPO less than two weeks ago. 

CRCL shares are now trading at $154.96, down from a daily high of $165.60—but still up more than 16% during today’s trading session after peaking at more than five times the firm’s IPO price of $31. That daily high also marks the stock’s new all-time peak, beating a previous record of around $138 set one week ago.

Shortly after hitting the public market, the $USDC issuer's stock skyrocketed and was halted multiple times on limit up-limit down rules, which come into effect when a stock’s price or trading volumes experience extreme volatility. Shares continued their ascent with few blips, grinding higher last week as the firm’s $USDC stablecoin expanded to Sam Altman’s World Chain.

Despite CRCL’s major surge, it's dwarfed by today’s 46% rise in SBET, the ticker of SharpLink Gaming, the new Ethereum treasury company which has seen its shares climb to a current price of $13.48 since the opening bell rang. 

The jump is part of a major rebound, after shares in the company fell by more than 70% in after-hours trading on Thursday as traders sought to assess an S-3 filing that some observers believed showed recent backers dumping their shares.

Ethereum co-founder, Consensys CEO, and SharpLink Chairman of the Board Joseph Lubin called the filing “standard,” and suggested people were “misinterpreting" it. Even so, shares finished the day Friday roughly in the same spot as late Thursday, under the $10 mark. (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

Shares in SBET began climbing again Monday and peaked at $14.01, still down 54% from Thursday’s market open of $30.71, according to Yahoo Finance. Even at the current price, however, SBET is up nearly 77% since the start of 2025.

The firm recently purchased $462 million in Ethereum, 95% of which has already been put to work in decentralized finance—a move Lubin said the firm would take to create yield, differentiating its public treasury from that of others that merely buy and hold crypto assets, like Strategy (formerly MicroStrategy). 

The firm maintains a treasury of around 176,000 $ETH, which it purchased for an average of approximately $2,600 per coin. 

$ETH is now trading at $2,639, a 3.5% boost in the last 24 hours as the crypto market grinds slightly higher.

Edited by Andrew Hayward