Circle Stock Emerges as Top Holding in VanEck’s Digital Asset Index
Circle Internet Group (CRCL) now represents the largest component of VanEck‘s digital asset index, MVDAPP, with a 13% weighting. This development underscores the increasing significance of USDC, Circle’s dollar-pegged stablecoin, in cryptocurrency markets. The index, accessible via VanEck‘s Digital Transformation ETF, includes leading crypto firms such as Coinbase and Block.
Market Impact of Circle’s Growth
Circle shares gained 167% during their NYSE debut and currently trade 750% above the IPO price. Analysts note this performance reflects confidence in USDC‘s potential role in the U.S. digital economy, particularly if Congress passes the GENIUS Act.
Key Features of the MVDAPP Index
- Tracks performance of established cryptocurrency companies
- Includes only firms generating ≥50% revenue from digital assets
- Currently holds 24 constituents including major exchanges and blockchain firms
Industry Perspective
“Our fund’s Circle position now exceeds the CEO’s personal holdings,” noted Matthew Sigel, Head of Digital Assets Research at VanEck.
