Circle Internet Group's stock, trading under the symbol CRCL, has become the largest component in VanEck's MVIS Global Digital Assets Equity Index (MVDAPP), accounting for 13% of the total weighting. This marks a notable increase from around 11% just a few days prior. The MVDAPP index was developed to track the performance of major companies involved in the crypto sector, specifically those generating at least half of their revenue from digital assets. Investors can gain access to MVDAPP via the VanEck Digital Transformation ETF, designed to closely mirror the index. Matthew Sigel, head of digital asset research at VanEck, commented, "Our total holdings now exceed [Circle] CEO Jeremy Allaire's." In just under three weeks since Circle's debut on the New York Stock Exchange, CRCL stock has soared, rising 167% on its first day and now standing 750% above its initial offering price of $31. Circle is known for issuing USDC, which is positioned to play a crucial role in the U.S. digital asset landscape, especially if the GENIUS Act, recently passed by the Senate, completes its journey in Congress. The act aims to further integrate stablecoins like USDC into the financial markets, such as futures trading, planned for next year through partnerships like that with Coinbase Derivatives.
Circle Stock Takes Lead in VanEck's Digital Asset Index
Circle Internet Group's shares now represent the largest component of VanEck's digital asset corporate index, reflecting its significant role in the crypto economy.
Jamie Bennett
Crypto Analyst
5 min read
22,047
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 9/10
Trading Recommendation
USDC
USDC
BUY
Entry Price
$1
Confidence
80%
Stop Loss
$0.95
Take Profit
$1.05 - $1.1
The positive news about Circle's stock and the anticipated role of USDC in futures trading suggests upward momentum.
