Table of Contents

• Circle

• Core Scientific & CoreWeave

Top Stories Today

Circle

Circle’s stock rebounded 7% Thursday after a recent 15% slump amid post-IPO swings and uncertainty over crypto oversight and the Fed’s interest rate outlook. Investors appear to have shifted funds into Coinbase during Circle’s dip, Coinbase climbed 15% over the same period, highlighting the exchange’s role in distributing Circle’s USDC stablecoin and sharing in its reserve yield. Since its June 5 debut, Circle’s shares have soared over 600%, while Coinbase is on track for its strongest monthly advance in eight months. Market watchers are also tracking Federal Reserve signals on potential rate cuts, which could pressure Circle’s interest-based revenue, and the progress of U.S. stablecoin legislation as the Senate-passed GENIUS Act moves to the House.

Core Scientific & CoreWeave

Core Scientific’s stock jumped 35% Thursday after the Wall Street Journal reported that AI infrastructure specialist CoreWeave is nearing a purchase of the bitcoin mining and hosting firm. Trading briefly paused before the shares rallied to their second-largest gain since Core Scientific’s January 2024 Nasdaq relisting, driven by hopes the deal, expected to close in weeks, will cement a partnership already underpinning over $10 billion in future commitments and 590 MW of capacity by early 2026. The move highlights Core Scientific’s shift from a bankruptcy-era miner to an AI data-center operator, though some analysts caution that true AI workloads often require purpose-built facilities rather than retrofitted crypto rigs. CoreWeave’s own shares dipped about 1% on the news.

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