Circle Internet Group (CRCL) stock holds the largest weight in VanEck's Digital Asset Corporate Index, highlighting the growing influence of this stablecoin issuer in the crypto economy.
Circle's stock accounts for 13% of the MVIS Global Digital Assets Equity Index (MVDAPP), which is developed by a subsidiary of VanEck to track the performance of the largest and most liquid companies in the crypto industry. This percentage has increased from about 11% on Friday.
Investors can gain exposure to the MVDAPP index through VanEck's Digital Transformation Exchange-Traded Fund (ETF), which aims to "closely" track the performance of the index, according to the company's prospectus.
To be included in the MVDAPP index, a company must derive at least 50% of its revenue from digital assets.
The ETF holds the same 24 company stocks as the MVDAPP index, including shares of Coinbase (COIN), Strategy (MSTR), Metaplanet (3350 JP), and Block (XYZ).
"Our current total holdings have surpassed those of [Circle] CEO Jeremy Allaire," said Matthew Sigel, head of digital asset research at VanEck.
VanEck's Digital Transformation ETF was launched in 2021 and currently has net assets exceeding $210 million, with a year-to-date return of 5.3% as of Friday.
Circle began trading on the New York Stock Exchange less than three weeks ago, quickly soaring above its IPO price of $31. Anticipating strong demand, the stablecoin issuer increased the offering size on the eve of its debut.
CRCL stock surged 167% on its first trading day and is currently up 750% from its IPO price.
Circle is the issuer of USDC, the second-largest digital dollar stablecoin in circulation.
If the highly anticipated GENIUS Act passes its final hurdle in Congress, USDC will play a key role in the U.S. digital asset economy. According to Cointelegraph, the GENIUS Act has passed the Senate with a vote of 68 to 30 and is now heading to the House for consideration.
Last week, Coinbase's derivatives and clearinghouse Nodal Clear announced plans to integrate USDC into the U.S. futures market, making the stablecoin eligible as collateral for futures trading. This implementation is expected to take place next year.
Related: Bloomberg Analysts: Probability of U.S. Cryptocurrency ETF Approval Soars to "90% or Higher"
Original: “Circle Stock Becomes Largest Component of VanEck Digital Asset Index”
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