Weekly Recap: Circle Has Explosive Wall Street Debut

Happy weekend Defiers!

Crypto markets had a volatile week, driven by macroeconomic concerns that were exacerbated by an online feud between President Trump and billionaire Elon Musk.

Bitcoin is on track to end the week above $105,000 after trading as low as $100,400 on Thursday, but most altcoins are down over the past seven days.

Stablecoin issuer Circle’s stock debut met overwhelming investor demand, with CRCL rallying nearly 300% from its issue price by Friday.

Elon Musk’s X is partnering with Polymarket as its official prediction market, the companies revealed on Friday.

Meanwhile, Ethereum leadership is reorganizing around its new simplified roadmap, while the Foundation released a new treasury management strategy.

Plus, the Trump family’s crypto ventures are in the spotlight again.

Enjoy!

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Circle Leaves a Fortune on the Table by Going Public at $31

Circle’s stock started trading on Thursday at $69, well over double its offering price, and closed Friday above $115.

Circle’s Wall Street advisors dramatically underestimated demand, leaving nearly $2 billion on the table, far more than the $1.1 billion Circle made from the sale.

Will Circle's IPO Be a Top Signal Like Coinbase Going Public in 2021?

Elon Musk’s X Partners With Polymarket, Bringing Crypto Prediction Markets Mainstream

X announced that “we’re joining forces with Polymarket as our official prediction market partner,” but Musk has not commented on the partnership yet.

“The next information age won’t be driven by the 20th century’s media monoliths – it’ll be driven by markets. Our partnership with X marks a new chapter for truth on the internet,” said Polymarket.

Ethereum Foundation Reorganizes Leadership Around New Roadmap

The team tasked with scaling the Layer 1 will be led by Tim Beiko and Ansgar Dietrichs going forward. Scaling Layer 2 (including blobs) will be handled by Alex Stokes and Francesco D’Amato, while improving the UX will be in the hands of Barnabé Monnot & Josh Rudolf.

The Ethereum Foundation also unveiled a new treasury policy this week.

Trump Crypto Machine Goes Into Overdrive

The Trump family’s crypto ventures are back in the spotlight, with Truth Social filing for a Bitcoin ETF, a stablecoin airdrop from World Liberty Financial, and confusion surrounding an official Trump-branded crypto wallet.

Crypto Markets Swing Wildly as Job Growth Slows, Trump–Musk Feud Adds to Uncertainty

Cryptocurrency markets had a volatile week amid the release of U.S. employment data and a viral feud between President Donald Trump and Tesla CEO Elon Musk.

Bitcoin traded as low as $100,400 before rebounding on Friday.

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