Circle's shares soared after the Senate's GENIUS Act was voted on, climbing from $156 to nearly $249, with analysts predicting the stablecoin market could reach $2 trillion. This rise was accompanied by a similar boost for Coinbase, whose stock increased by about 30% to over $308. In contrast, Bitcoin treasury firms are facing challenges; Semler Scientific's stock showed a minimal premium over its Bitcoin assets and is struggling to maintain value. Meanwhile, Fold, a financial services firm, is raising funds for Bitcoin purchases, indicating complexities in the treasury model that previously seemed straightforward. Other companies like Tron are exploring public listings and capital raises, reflecting the dynamic nature of the crypto market. The market capitalization for stablecoins is expected to double over the next year, highlighting a significant growth potential amid evolving regulatory landscapes.

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