C&#7893; phi&#7871;u c&#7911;a Circle (CRCL) &#273;&atilde; x&oacute;a g&#7847;n h&#7871;t c&aacute;c m&#7913;c t&#259;ng sau IPO, tr&#7903; v&#7873; gi&aacute; m&#7903; c&#7917;a ban &#273;&#7847;u m&#7863;c d&ugrave; c&oacute; l&#7907;i nhu&#7853;n qu&yacute; ba m&#7841;nh m&#7869; v&agrave; s&#7921; t&#259;ng tr&#432;&#7903;ng USDC gia t&#259;ng.
S&#7921; &#273;&#7843;o chi&#7873;u m&#7841;nh m&#7869; ph&#7843;n &aacute;nh &aacute;p l&#7921;c ngu&#7891;n cung gia t&#259;ng, c&aacute;c gi&#7899;i h&#7841;n kh&oacute;a &#273;ang h&#7871;t h&#7841;n v&agrave; th&#7883; tr&#432;&#7901;ng stablecoin &#273;ang thay &#273;&#7893;i, trong khi c&aacute;c t&#7893; ch&#7913;c l&#7899;n ng&agrave;y c&agrave;ng l&#7841;c quan v&#7873; th&#7871; m&#7841;nh d&agrave;i h&#7841;n c&#7911;a Circle.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-circle-round-trips-its-entire-post-ipo-rally">Circle ho&agrave;n t&#7845;t h&agrave;nh tr&igrave;nh tr&#7903; l&#7841;i sau c&#417;n s&#7889;t h&#7853;u IPO</h2>

Stablecoin v&#7851;n l&agrave; m&#7897;t trong nh&#7919;ng tr&#432;&#7901;ng h&#7907;p s&#7917; d&#7909;ng ti&#7873;m n&#259;ng nh&#7845;t c&#7911;a crypto, v&#7899;i s&#7921; chi ph&#7889;i c&#7911;a Tether v&agrave; Circle. Tuy nhi&ecirc;n, Circle l&agrave; nh&agrave; ph&aacute;t h&agrave;nh ch&iacute;nh duy nh&#7845;t cho ph&eacute;p c&aacute;c nh&agrave; &#273;&#7847;u t&#432; c&ocirc;ng ch&uacute;ng &#273;&#7847;u t&#432;, v&#7899;i IPO c&#7911;a m&igrave;nh v&agrave;o &#273;&#7847;u th&aacute;ng 06 thu h&uacute;t m&#7897;t l&#432;&#7907;ng l&#7899;n s&#7921; quan t&acirc;m ho&#7863;c &#273;&#259;ng k&yacute;.
D&ugrave; v&#7853;y, b&#7845;t ch&#7845;p s&#7921; quan t&acirc;m ban &#273;&#7847;u, t&#7845;t c&#7843; l&#7907;i nhu&#7853;n &#273;&atilde; b&#7883; x&oacute;a s&#7841;ch. Ng&#432;&#7901;i s&aacute;ng l&#7853;p MoonRock Capital, Simon Dedic cho bi&#7871;t CRCL &#273;&atilde; g&#7847;n nh&#432; quay l&#7841;i to&agrave;n b&#7897; h&agrave;nh tr&igrave;nh v&agrave; hi&#7879;n t&#7841;i &#273;ang tr&#7903; l&#7841;i m&#7913;c <a href="https://vn.beincrypto.com/circle-ipo-raises-targets-success-plasma/" target="_blank" rel="noreferrer noopener">gi&aacute; m&#7903; c&#7917;a IPO</a>.
<img style="height:400px;width:640px;" decoding="async" alt="Cirlce (CRCL) Price Performance" class="wp-image-773228 lazy" loading="lazy" src="https://assets.beincrypto.com/img/J6KdIlV0GnDESwhk07XS1XVjOTw=/smart/7beecb9aab294a8cad81c53c9ac1469d">Hi&#7879;u su&#7845;t gi&aacute; c&#7911;a Cirlce (CRCL). Ngu&#7891;n: <a href="https://www.tradingview.com/x/M8LRNkPb/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

L&atilde;nh &#273;&#7841;o l&#297;nh v&#7921;c crypto c&#361;ng cho bi&#7871;t r&#7857;ng s&#7921; s&#7907; h&atilde;i xu&#7845;t ph&aacute;t t&#7915; gi&aacute; g&#7847;n &#273;&acirc;y &#273;&atilde; &#273;&#432;&#7907;c t&#259;ng c&#432;&#7901;ng b&#7903;i s&#7921; kh&ocirc;ng ch&#7855;c ch&#7855;n v&#7873; v&#297; m&ocirc; v&agrave; <a href="https://vn.beincrypto.com/fed-hawkish-cut-crypto-dollar-volatility/" target="_blank" rel="noreferrer noopener">chu k&#7923; c&#7855;t gi&#7843;m l&atilde;i su&#7845;t s&#7855;p t&#7899;i</a>.
&Ocirc;ng c&#361;ng l&#432;u &yacute; r&#7857;ng ng&agrave;y h&ocirc;m nay &#273;&aacute;nh d&#7845;u m&#7897;t ng&agrave;y m&#7903; kh&oacute;a cho c&aacute;c nh&agrave; &#273;&#7847;u t&#432; s&#7899;m, c&oacute; ngh&#297;a m&#7897;t ph&#7847;n &#273;&aacute;ng k&#7875; c&#7911;a ngu&#7891;n cung c&oacute; th&#7875; ra th&#7883; tr&#432;&#7901;ng khi c&aacute;c nh&agrave; &#273;&#7847;u t&#432; IPO c&#7911;a Circle tho&aacute;i v&#7889;n. Theo &yacute; ki&#7871;n c&#7911;a &ocirc;ng, &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; t&#7841;o ra bi&#7871;n &#273;&#7897;ng ng&#7855;n h&#7841;n nh&#432;ng c&#361;ng t&#7841;o ra &#273;i&#7875;m v&agrave;o h&#7845;p d&#7851;n.
Chu k&#7923; n&agrave;y g&#7907;i nh&#7899; l&#7841;i r&#7857;ng <a href="https://vn.beincrypto.com/coinbase-ipo-investors-profit-us-crypto-news/" target="_blank" rel="noreferrer noopener">c&aacute;c nh&agrave; &#273;&#7847;u t&#432; IPO c&#7911;a Coinbase &#273;&atilde; ghi nh&#7853;n l&#7907;i nhu&#7853;n &#273;&#7847;u ti&ecirc;n</a> v&agrave;o ng&agrave;y 21/07/2025, g&#7847;n b&#7889;n n&#259;m sau khi <a href="https://beincrypto.com/coinbase-ipo-worth-28-billion-messari/" target="_blank" rel="noreferrer noopener">c&ocirc;ng ty l&ecirc;n s&agrave;n</a>.
<h3 class="wp-block-heading" id="h-strong-q3-results-contrast-with-circle-stock-decline">K&#7871;t qu&#7843; qu&yacute; 3 m&#7841;nh m&#7869; &#273;&#7889;i l&#7853;p v&#7899;i s&#7921; gi&#7843;m gi&aacute; c&#7911;a c&#7893; phi&#7871;u Circle</h3>

M&#7863;c d&ugrave; c&#7893; phi&#7871;u &#273;&atilde; gi&#7843;m, c&#417; b&#7843;n c&#7911;a Circle v&#7851;n &#273;&#432;&#7907;c c&#7911;ng c&#7889;. App Economy Insights <a href="https://x.com/EconomyApp/status/1988680703337460104" target="_blank" rel="noreferrer noopener nofollow">n&#7893;i b&#7853;t</a> v&#7899;i c&aacute;c s&#7889; li&#7879;u Q3 c&#7911;a Circle:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>L&#432;&#7907;ng l&#432;u h&agrave;nh USDC t&#259;ng 108% so v&#7899;i c&ugrave;ng k&#7923; n&#259;m tr&#432;&#7899;c l&ecirc;n 74 t&#7927; USD</li>

<li>Doanh thu t&#259;ng 66% so v&#7899;i c&ugrave;ng k&#7923; n&#259;m tr&#432;&#7899;c l&ecirc;n 740 tri&#7879;u USD (v&#432;&#7907;t 40 tri&#7879;u USD)</li>

<li>EBITDA &#273;i&#7873;u ch&#7881;nh t&#259;ng 78% so v&#7899;i c&ugrave;ng k&#7923; n&#259;m tr&#432;&#7899;c l&ecirc;n 166 tri&#7879;u USD</li>

<li>L&#432;&#7907;ng l&#432;u h&agrave;nh USDC d&#7921; ki&#7871;n v&#7851;n s&#7869; t&#259;ng tr&#432;&#7903;ng &#7903; t&#7927; l&#7879; k&eacute;p h&agrave;ng n&#259;m 40%</li>
</ul>

Ch&iacute;nh Circle b&aacute;o c&aacute;o 9.6 ngh&igrave;n t&#7927; USD trong kh&#7889;i l&#432;&#7907;ng tr&ecirc;n chu&#7895;i (+680% so v&#7899;i c&ugrave;ng k&#7923; n&#259;m tr&#432;&#7899;c) v&agrave; 73.7 t&#7927; USD l&#432;u h&agrave;nh USDC. &#272;i&#7873;u n&agrave;y th&#7875; hi&#7879;n s&#7921; m&#7903; r&#7897;ng nhanh ch&oacute;ng c&#7911;a vi&#7879;c thanh to&aacute;n b&#7857;ng stablecoin tr&ecirc;n to&agrave;n th&#7871; gi&#7899;i.
Trong b&#7889;i c&#7843;nh n&agrave;y, Dedic t&#7915; MoonRock Capital b&aacute;c b&#7887; c&aacute;c lo ng&#7841;i v&#7873; s&#7921; ch&#7883;u &aacute;p l&#7921;c l&#7907;i nhu&#7853;n, cho r&#7857;ng lo ng&#7841;i theo h&#432;&#7899;ng n&agrave;y l&agrave; kh&ocirc;ng ch&iacute;nh &#273;&aacute;ng.
&ldquo;Th&#7845;y kh&aacute; nhi&#7873;u FUD t&#7915; c&aacute;c nh&agrave; &#273;&#7847;u t&#432; Circle g&#7847;n &#273;&acirc;y, ch&#7911; y&#7871;u do &#7843;nh h&#432;&#7903;ng gi&aacute; c&#7843;. M&#7897;t s&#7889; c&#361;ng lo ng&#7841;i v&#7873; chu k&#7923; c&#7855;t gi&#7843;m l&atilde;i su&#7845;t s&#7855;p t&#7899;i, &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; ti&#7871;p t&#7909;c g&acirc;y &aacute;p l&#7921;c l&ecirc;n l&#7907;i nhu&#7853;n c&#7911;a Circle. Tuy nhi&ecirc;n, &#273;&oacute; l&agrave; m&#7897;t g&oacute;c nh&igrave;n trung b&igrave;nh, theo &yacute; ki&#7871;n c&#7911;a t&ocirc;i,&rdquo; &ocirc;ng n&oacute;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-insider-unlocks-add-sell-pressure-after-early-surge">Gi&#7843;i ph&oacute;ng n&#7897;i b&#7897; gia t&#259;ng &aacute;p l&#7921;c b&aacute;n sau &#273;&#7907;t t&#259;ng m&#7841;nh ban &#273;&#7847;u</h2>

&#7902; n&#417;i kh&aacute;c, Milk Road cho bi&#7871;t m&#7897;t ph&#7847;n s&#7909;t gi&#7843;m c&#7911;a Circle l&agrave; do c&#7845;u tr&uacute;c. C&#7893; phi&#7871;u IPO v&#7899;i gi&aacute; 31 USD, t&#259;ng v&#7885;t l&ecirc;n g&#7847;n 240 USD, sau &#273;&oacute; gi&#7843;m khi c&aacute;c gi&#7899;i h&#7841;n kh&oacute;a ban &#273;&#7847;u h&#7871;t h&#7841;n, cho ph&eacute;p n&#7897;i b&#7897; b&aacute;n ra &#7903; m&#7913;c &#273;&#7883;nh gi&aacute; cao.
D&#7921;a tr&ecirc;n &#273;i&#7873;u n&agrave;y, Milk Road l&#7853;p lu&#7853;n r&#7857;ng CRCL v&#7851;n &ldquo;c&oacute; v&#7867; &#273;&#7883;nh gi&aacute; qu&aacute; cao&rdquo; v&agrave; chi&#7871;n th&#7855;ng l&#7907;i nhu&#7853;n l&agrave; m&#7897;t ch&#7845;t x&uacute;c t&aacute;c &ldquo;b&aacute;n theo tin t&#7913;c&rdquo; kh&aacute;c.
B&igrave;nh lu&#7853;n c&#7911;a ng&#432;&#7901;i d&ugrave;ng tr&ecirc;n X (tr&#432;&#7899;c &#273;&acirc;y l&agrave; Twitter) c&#361;ng n&ecirc;u b&#7853;t s&#7921; c&#259;ng th&#7859;ng &#273;&#7883;nh gi&aacute; trong l&#297;nh v&#7921;c stablecoin. M&#7897;t ng&#432;&#7901;i vi&#7871;t r&#7857;ng <a href="https://vn.beincrypto.com/tether-eyes-500b-valuation-amid-explosive-stablecoin-market-growth/" target="_blank" rel="noreferrer noopener">Tether &#273;&#432;&#7907;c &#273;&#7883;nh gi&aacute; 500 t&#7927; USD</a>, trong khi Circle &#273;&#432;&#7907;c &#273;&#7883;nh gi&aacute; 20 t&#7927; USD, t&#7921; h&#7887;i <a href="https://x.com/linwanwan823/status/1988866228224414121?s=20" target="_blank" rel="noreferrer noopener nofollow">li&#7879;u &ldquo;Circle c&oacute; qu&aacute; r&#7867; kh&ocirc;ng hay Tether qu&aacute; &#273;&#7855;t?&rdquo;.</a>
M&#7897;t s&#7889; kh&aacute;c ch&#7881; ra s&#7921; ch&ecirc;nh l&#7879;ch l&#7907;i nhu&#7853;n kh&#7893;ng l&#7891;, v&#7899;i Tether t&#7841;o ra <a href="https://vn.beincrypto.com/tether-profit-15-billion-ipo-rumors/" target="_blank" rel="noreferrer noopener">l&#7907;i nhu&#7853;n r&ograve;ng g&#7845;p h&agrave;ng ch&#7909;c l&#7847;n</a> v&agrave;o n&#259;m 2025.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;H&#7907;p l&yacute;, s&#7921; ch&ecirc;nh l&#7879;ch l&#7907;i nhu&#7853;n r&ograve;ng gi&#7919;a Tether v&agrave; Circle l&agrave; h&agrave;ng ch&#7909;c l&#7847;n,&rdquo; m&#7897;t ng&#432;&#7901;i d&ugrave;ng &#273;&atilde; <a href="https://x.com/michaelwong123/status/1988887235291144220?s=20" target="_blank" rel="noreferrer noopener nofollow">&#273;&ugrave;a c&#7907;t</a>.
</blockquote>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-jpmorgan-flips-bullish-citing-stablecoin-supercycle">JPMorgan chuy&#7875;n sang xu h&#432;&#7899;ng t&#259;ng, nh&#7855;c &#273;&#7871;n chu k&#7923; si&ecirc;u &#7893;n &#273;&#7883;nh c&#7911;a stablecoin</h2>

D&ugrave; c&oacute; bi&#7871;n &#273;&#7897;ng gi&aacute; m&#7841;nh, s&#7921; quan t&acirc;m t&#7915; c&aacute;c t&#7893; ch&#7913;c &#273;ang ng&agrave;y c&agrave;ng gia t&#259;ng. JPMorgan &#273;&atilde; n&acirc;ng c&#7845;p CRCL t&#7915; &ldquo;d&#432;&#7899;i m&#7913;c&rdquo; l&ecirc;n &ldquo;tr&ecirc;n m&#7913;c&rdquo;, n&acirc;ng m&#7913;c gi&aacute; m&#7909;c ti&ecirc;u t&#7915; 94 USD l&ecirc;n 100 USD. C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch cho bi&#7871;t Q3 c&#7911;a Circle v&#432;&#7907;t k&#7923; v&#7885;ng v&agrave; t&igrave;nh h&igrave;nh c&#417; b&#7843;n c&#7843;i thi&#7879;n ch&iacute;nh l&agrave; l&yacute; do cho s&#7921; &#273;&aacute;nh gi&aacute; t&iacute;ch c&#7921;c h&#417;n.
H&#7885; &#273;&atilde; l&agrave;m n&#7893;i b&#7853;t:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>M&#7897;t lo&#7841;t quan h&#7879; &#273;&#7889;i t&aacute;c l&#7899;n &#273;&#432;&#7907;c l&ecirc;n k&#7871; ho&#7841;ch v&#7899;i m&#7841;ng Arc c&#7911;a Circle, hi&#7879;n &#273;ang trong giai &#273;o&#7841;n th&#7917; nghi&#7879;m</li>

<li>S&#7921; quan t&acirc;m &#273;&#7871;n t&#7915; c&aacute;c c&ocirc;ng ty nh&#432; Deutsche B&ouml;rse, Finastra, v&agrave; Visa</li>

<li>Kh&#7843; n&#259;ng ki&#7871;m ti&#7873;n th&ocirc;ng qua m&#7897;t Arc token trong t&#432;&#417;ng lai</li>

<li>L&#432;&#7907;ng USDC &#273;&#432;&#7907;c gi&#7919; tr&ecirc;n n&#7873;n t&#7843;ng c&#7911;a Circle, t&#259;ng t&#7915; 1,1 t&#7927; USD l&ecirc;n 9,1 t&#7927; USD so v&#7899;i c&ugrave;ng k&#7923; n&#259;m tr&#432;&#7899;c</li>

<li>160 tri&#7879;u c&#7893; phi&#7871;u m&#7899;i &#273;&#432;&#7907;c giao d&#7883;ch, t&#259;ng l&#432;&#7907;ng c&#7893; phi&#7871;u l&#432;u th&ocirc;ng v&agrave; &aacute;p l&#7921;c b&aacute;n ng&#7855;n h&#7841;n</li>
</ul>

Th&#7853;m ch&iacute; Ark Invest c&#7911;a Cathie Wood &#273;&#432;&#7907;c b&aacute;o c&aacute;o l&agrave; &#273;&atilde; mua 30 tri&#7879;u USD c&#7893; phi&#7871;u CRCL.
Circle &#273;&oacute;ng vai tr&ograve; trung t&acirc;m trong <a href="https://vn.beincrypto.com/stablecoins-arent-a-threat-theyre-americas-secret-weapon-says-coinbase/" target="_blank" rel="noreferrer noopener">tr&#432;&#7901;ng h&#7907;p s&#7917; d&#7909;ng th&#7921;c t&#7871; ph&#7893; bi&#7871;n nh&#7845;t c&#7911;a crypto</a>, nh&#432;ng &#273;ang ph&#7843;i &#273;&#7889;i m&#7863;t v&#7899;i s&#7921; bi&#7871;n &#273;&#7897;ng ngay l&#7853;p t&#7913;c khi c&aacute;c ng&#432;&#7901;i n&#7855;m gi&#7919; gi&#7843;i ph&oacute;ng c&#7893; ph&#7847;n c&#7911;a h&#7885; v&agrave; c&aacute;c nh&agrave; &#273;&#7847;u t&#432; &#273;&aacute;nh gi&aacute; l&#7841;i gi&aacute; tr&#7883; so v&#7899;i c&aacute;c &#273;&#7889;i th&#7911; c&#7841;nh tranh.
V&#7899;i vi&#7879;c ch&#7845;p nh&#7853;n t&#7915; c&aacute;c t&#7893; ch&#7913;c &#273;ang t&#259;ng t&#7889;c v&agrave; m&#7897;t ng&acirc;n h&agrave;ng l&#7899;n n&acirc;ng m&#7909;c ti&ecirc;u l&ecirc;n 100 USD, b&#432;&#7899;c &#273;i ti&#7871;p theo c&#7911;a CRCL s&#7869; ph&#7909; thu&#7897;c v&agrave;o vi&#7879;c li&#7879;u ngu&#7891;n cung m&#7899;i c&oacute; &#273;&#432;&#7907;c h&#7845;p th&#7909; hay s&#7869; g&acirc;y ra m&#7897;t &#273;&#7907;t &#273;i&#7873;u ch&#7881;nh tr&#432;&#7899;c khi b&#432;&#7899;c v&agrave;o giai &#273;o&#7841;n ti&#7871;p theo c&#7911;a si&ecirc;u chu k&#7923; stablecoin.

Cổ phiếu Circle giảm về giá IPO giữa lo ngại về việc mở khóa cổ phiếu nội bộ và biến động gia tăng

C&#7893; phi&#7871;u c&#7911;a Circle (CRCL) &#273;&atilde; x&oacute;a g&#7847;n h&#7871;t c&aacute;c m&#7913;c t&#259;ng sau IPO, tr&#7903; v&#7873; gi&aacute; m&#7903; c&#7917;a ban &#273;&#7847;u m&#7863;c d&ugrave; c&oacute; l&#7907;i nhu&#7853;n qu&yacute; ba m&#7841;nh m&#7869; v&agrave; s&#7921; t&#259;ng tr&#432;&#7903;ng USDC gia t&#259;ng.
S&#7921; &#273;&#7843;o chi&#7873;u m&#7841;nh m&#7869; ph&#7843;n &aacute;nh &aacute;p l&#7921;c ngu&#7891;n cung gia t&#259;ng, c&aacute;c gi&#7899;i h&#7841;n kh&oacute;a &#273;ang h&#7871;t h&#7841;n v&agrave; th&#7883; tr&#432;&#7901;ng stablecoin &#273;ang thay &#273;&#7893;i, trong khi c&aacute;c t&#7893; ch&#7913;c l&#7899;n ng&agrave;y c&agrave;ng l&#7841;c quan v&#7873; th&#7871; m&#7841;nh d&agrave;i h&#7841;n c&#7911;a Circle.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-circle-round-trips-its-entire-post-ipo-rally">Circle ho&agrave;n t&#7845;t h&agrave;nh tr&igrave;nh tr&#7903; l&#7841;i sau c&#417;n s&#7889;t h&#7853;u IPO</h2>

Stablecoin v&#7851;n l&agrave; m&#7897;t trong nh&#7919;ng tr&#432;&#7901;ng h&#7907;p s&#7917; d&#7909;ng ti&#7873;m n&#259;ng nh&#7845;t c&#7911;a crypto, v&#7899;i s&#7921; chi ph&#7889;i c&#7911;a Tether v&agrave; Circle. Tuy nhi&ecirc;n, Circle l&agrave; nh&agrave; ph&aacute;t h&agrave;nh ch&iacute;nh duy nh&#7845;t cho ph&eacute;p c&aacute;c nh&agrave; &#273;&#7847;u t&#432; c&ocirc;ng ch&uacute;ng &#273;&#7847;u t&#432;, v&#7899;i IPO c&#7911;a m&igrave;nh v&agrave;o &#273;&#7847;u th&aacute;ng 06 thu h&uacute;t m&#7897;t l&#432;&#7907;ng l&#7899;n s&#7921; quan t&acirc;m ho&#7863;c &#273;&#259;ng k&yacute;.
D&ugrave; v&#7853;y, b&#7845;t ch&#7845;p s&#7921; quan t&acirc;m ban &#273;&#7847;u, t&#7845;t c&#7843; l&#7907;i nhu&#7853;n &#273;&atilde; b&#7883; x&oacute;a s&#7841;ch. Ng&#432;&#7901;i s&aacute;ng l&#7853;p MoonRock Capital, Simon Dedic cho bi&#7871;t CRCL &#273;&atilde; g&#7847;n nh&#432; quay l&#7841;i to&agrave;n b&#7897; h&agrave;nh tr&igrave;nh v&agrave; hi&#7879;n t&#7841;i &#273;ang tr&#7903; l&#7841;i m&#7913;c <a href="https://vn.beincrypto.com/circle-ipo-raises-targets-success-plasma/" target="_blank" rel="noreferrer noopener">gi&aacute; m&#7903; c&#7917;a IPO</a>.
<img style="height:400px;width:640px;"decoding="async" alt="Cirlce (CRCL) Price Performance" class="wp-image-773228 lazy" loading="lazy" src="https://assets.beincrypto.com/img/J6KdIlV0GnDESwhk07XS1XVjOTw=/smart/7beecb9aab294a8cad81c53c9ac1469d">Hi&#7879;u su&#7845;t gi&aacute; c&#7911;a Cirlce (CRCL). Ngu&#7891;n: <a href="https://www.tradingview.com/x/M8LRNkPb/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

L&atilde;nh &#273;&#7841;o l&#297;nh v&#7921;c crypto c&#361;ng cho bi&#7871;t r&#7857;ng s&#7921; s&#7907; h&atilde;i xu&#7845;t ph&aacute;t t&#7915; gi&aacute; g&#7847;n &#273;&acirc;y &#273;&atilde; &#273;&#432;&#7907;c t&#259;ng c&#432;&#7901;ng b&#7903;i s&#7921; kh&ocirc;ng ch&#7855;c ch&#7855;n v&#7873; v&#297; m&ocirc; v&agrave; <a href="https://vn.beincrypto.com/fed-hawkish-cut-crypto-dollar-volatility/" target="_blank" rel="noreferrer noopener">chu k&#7923; c&#7855;t gi&#7843;m l&atilde;i su&#7845;t s&#7855;p t&#7899;i</a>.
&Ocirc;ng c&#361;ng l&#432;u &yacute; r&#7857;ng ng&agrave;y h&ocirc;m nay &#273;&aacute;nh d&#7845;u m&#7897;t ng&agrave;y m&#7903; kh&oacute;a cho c&aacute;c nh&agrave; &#273;&#7847;u t&#432; s&#7899;m, c&oacute; ngh&#297;a m&#7897;t ph&#7847;n &#273;&aacute;ng k&#7875; c&#7911;a ngu&#7891;n cung c&oacute; th&#7875; ra th&#7883; tr&#432;&#7901;ng khi c&aacute;c nh&agrave; &#273;&#7847;u t&#432; IPO c&#7911;a Circle tho&aacute;i v&#7889;n. Theo &yacute; ki&#7871;n c&#7911;a &ocirc;ng, &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; t&#7841;o ra bi&#7871;n &#273;&#7897;ng ng&#7855;n h&#7841;n nh&#432;ng c&#361;ng t&#7841;o ra &#273;i&#7875;m v&agrave;o h&#7845;p d&#7851;n.
Chu k&#7923; n&agrave;y g&#7907;i nh&#7899; l&#7841;i r&#7857;ng <a href="https://vn.beincrypto.com/coinbase-ipo-investors-profit-us-crypto-news/" target="_blank" rel="noreferrer noopener">c&aacute;c nh&agrave; &#273;&#7847;u t&#432; IPO c&#7911;a Coinbase &#273;&atilde; ghi nh&#7853;n l&#7907;i nhu&#7853;n &#273;&#7847;u ti&ecirc;n</a> v&agrave;o ng&agrave;y 21/07/2025, g&#7847;n b&#7889;n n&#259;m sau khi <a href="https://beincrypto.com/coinbase-ipo-worth-28-billion-messari/" target="_blank" rel="noreferrer noopener">c&ocirc;ng ty l&ecirc;n s&agrave;n</a>.
<h3 class="wp-block-heading" id="h-strong-q3-results-contrast-with-circle-stock-decline">K&#7871;t qu&#7843; qu&yacute; 3 m&#7841;nh m&#7869; &#273;&#7889;i l&#7853;p v&#7899;i s&#7921; gi&#7843;m gi&aacute; c&#7911;a c&#7893; phi&#7871;u Circle</h3>

M&#7863;c d&ugrave; c&#7893; phi&#7871;u &#273;&atilde; gi&#7843;m, c&#417; b&#7843;n c&#7911;a Circle v&#7851;n &#273;&#432;&#7907;c c&#7911;ng c&#7889;. App Economy Insights <a href="https://x.com/EconomyApp/status/1988680703337460104" target="_blank" rel="noreferrer noopener nofollow">n&#7893;i b&#7853;t</a> v&#7899;i c&aacute;c s&#7889; li&#7879;u Q3 c&#7911;a Circle:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>L&#432;&#7907;ng l&#432;u h&agrave;nh USDC t&#259;ng 108% so v&#7899;i c&ugrave;ng k&#7923; n&#259;m tr&#432;&#7899;c l&ecirc;n 74 t&#7927; USD</li>

<li>Doanh thu t&#259;ng 66% so v&#7899;i c&ugrave;ng k&#7923; n&#259;m tr&#432;&#7899;c l&ecirc;n 740 tri&#7879;u USD (v&#432;&#7907;t 40 tri&#7879;u USD)</li>

<li>EBITDA &#273;i&#7873;u ch&#7881;nh t&#259;ng 78% so v&#7899;i c&ugrave;ng k&#7923; n&#259;m tr&#432;&#7899;c l&ecirc;n 166 tri&#7879;u USD</li>

<li>L&#432;&#7907;ng l&#432;u h&agrave;nh USDC d&#7921; ki&#7871;n v&#7851;n s&#7869; t&#259;ng tr&#432;&#7903;ng &#7903; t&#7927; l&#7879; k&eacute;p h&agrave;ng n&#259;m 40%</li>
</ul>

Ch&iacute;nh Circle b&aacute;o c&aacute;o 9.6 ngh&igrave;n t&#7927; USD trong kh&#7889;i l&#432;&#7907;ng tr&ecirc;n chu&#7895;i (+680% so v&#7899;i c&ugrave;ng k&#7923; n&#259;m tr&#432;&#7899;c) v&agrave; 73.7 t&#7927; USD l&#432;u h&agrave;nh USDC. &#272;i&#7873;u n&agrave;y th&#7875; hi&#7879;n s&#7921; m&#7903; r&#7897;ng nhanh ch&oacute;ng c&#7911;a vi&#7879;c thanh to&aacute;n b&#7857;ng stablecoin tr&ecirc;n to&agrave;n th&#7871; gi&#7899;i.
Trong b&#7889;i c&#7843;nh n&agrave;y, Dedic t&#7915; MoonRock Capital b&aacute;c b&#7887; c&aacute;c lo ng&#7841;i v&#7873; s&#7921; ch&#7883;u &aacute;p l&#7921;c l&#7907;i nhu&#7853;n, cho r&#7857;ng lo ng&#7841;i theo h&#432;&#7899;ng n&agrave;y l&agrave; kh&ocirc;ng ch&iacute;nh &#273;&aacute;ng.
&ldquo;Th&#7845;y kh&aacute; nhi&#7873;u FUD t&#7915; c&aacute;c nh&agrave; &#273;&#7847;u t&#432; Circle g&#7847;n &#273;&acirc;y, ch&#7911; y&#7871;u do &#7843;nh h&#432;&#7903;ng gi&aacute; c&#7843;. M&#7897;t s&#7889; c&#361;ng lo ng&#7841;i v&#7873; chu k&#7923; c&#7855;t gi&#7843;m l&atilde;i su&#7845;t s&#7855;p t&#7899;i, &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; ti&#7871;p t&#7909;c g&acirc;y &aacute;p l&#7921;c l&ecirc;n l&#7907;i nhu&#7853;n c&#7911;a Circle. Tuy nhi&ecirc;n, &#273;&oacute; l&agrave; m&#7897;t g&oacute;c nh&igrave;n trung b&igrave;nh, theo &yacute; ki&#7871;n c&#7911;a t&ocirc;i,&rdquo; &ocirc;ng n&oacute;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-insider-unlocks-add-sell-pressure-after-early-surge">Gi&#7843;i ph&oacute;ng n&#7897;i b&#7897; gia t&#259;ng &aacute;p l&#7921;c b&aacute;n sau &#273;&#7907;t t&#259;ng m&#7841;nh ban &#273;&#7847;u</h2>

&#7902; n&#417;i kh&aacute;c, Milk Road cho bi&#7871;t m&#7897;t ph&#7847;n s&#7909;t gi&#7843;m c&#7911;a Circle l&agrave; do c&#7845;u tr&uacute;c. C&#7893; phi&#7871;u IPO v&#7899;i gi&aacute; 31 USD, t&#259;ng v&#7885;t l&ecirc;n g&#7847;n 240 USD, sau &#273;&oacute; gi&#7843;m khi c&aacute;c gi&#7899;i h&#7841;n kh&oacute;a ban &#273;&#7847;u h&#7871;t h&#7841;n, cho ph&eacute;p n&#7897;i b&#7897; b&aacute;n ra &#7903; m&#7913;c &#273;&#7883;nh gi&aacute; cao.
D&#7921;a tr&ecirc;n &#273;i&#7873;u n&agrave;y, Milk Road l&#7853;p lu&#7853;n r&#7857;ng CRCL v&#7851;n &ldquo;c&oacute; v&#7867; &#273;&#7883;nh gi&aacute; qu&aacute; cao&rdquo; v&agrave; chi&#7871;n th&#7855;ng l&#7907;i nhu&#7853;n l&agrave; m&#7897;t ch&#7845;t x&uacute;c t&aacute;c &ldquo;b&aacute;n theo tin t&#7913;c&rdquo; kh&aacute;c.
B&igrave;nh lu&#7853;n c&#7911;a ng&#432;&#7901;i d&ugrave;ng tr&ecirc;n X (tr&#432;&#7899;c &#273;&acirc;y l&agrave; Twitter) c&#361;ng n&ecirc;u b&#7853;t s&#7921; c&#259;ng th&#7859;ng &#273;&#7883;nh gi&aacute; trong l&#297;nh v&#7921;c stablecoin. M&#7897;t ng&#432;&#7901;i vi&#7871;t r&#7857;ng <a href="https://vn.beincrypto.com/tether-eyes-500b-valuation-amid-explosive-stablecoin-market-growth/" target="_blank" rel="noreferrer noopener">Tether &#273;&#432;&#7907;c &#273;&#7883;nh gi&aacute; 500 t&#7927; USD</a>, trong khi Circle &#273;&#432;&#7907;c &#273;&#7883;nh gi&aacute; 20 t&#7927; USD, t&#7921; h&#7887;i <a href="https://x.com/linwanwan823/status/1988866228224414121?s=20" target="_blank" rel="noreferrer noopener nofollow">li&#7879;u &ldquo;Circle c&oacute; qu&aacute; r&#7867; kh&ocirc;ng hay Tether qu&aacute; &#273;&#7855;t?&rdquo;.</a>
M&#7897;t s&#7889; kh&aacute;c ch&#7881; ra s&#7921; ch&ecirc;nh l&#7879;ch l&#7907;i nhu&#7853;n kh&#7893;ng l&#7891;, v&#7899;i Tether t&#7841;o ra <a href="https://vn.beincrypto.com/tether-profit-15-billion-ipo-rumors/" target="_blank" rel="noreferrer noopener">l&#7907;i nhu&#7853;n r&ograve;ng g&#7845;p h&agrave;ng ch&#7909;c l&#7847;n</a> v&agrave;o n&#259;m 2025.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;H&#7907;p l&yacute;, s&#7921; ch&ecirc;nh l&#7879;ch l&#7907;i nhu&#7853;n r&ograve;ng gi&#7919;a Tether v&agrave; Circle l&agrave; h&agrave;ng ch&#7909;c l&#7847;n,&rdquo; m&#7897;t ng&#432;&#7901;i d&ugrave;ng &#273;&atilde; <a href="https://x.com/michaelwong123/status/1988887235291144220?s=20" target="_blank" rel="noreferrer noopener nofollow">&#273;&ugrave;a c&#7907;t</a>.
</blockquote>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-jpmorgan-flips-bullish-citing-stablecoin-supercycle">JPMorgan chuy&#7875;n sang xu h&#432;&#7899;ng t&#259;ng, nh&#7855;c &#273;&#7871;n chu k&#7923; si&ecirc;u &#7893;n &#273;&#7883;nh c&#7911;a stablecoin</h2>

D&ugrave; c&oacute; bi&#7871;n &#273;&#7897;ng gi&aacute; m&#7841;nh, s&#7921; quan t&acirc;m t&#7915; c&aacute;c t&#7893; ch&#7913;c &#273;ang ng&agrave;y c&agrave;ng gia t&#259;ng. JPMorgan &#273;&atilde; n&acirc;ng c&#7845;p CRCL t&#7915; &ldquo;d&#432;&#7899;i m&#7913;c&rdquo; l&ecirc;n &ldquo;tr&ecirc;n m&#7913;c&rdquo;, n&acirc;ng m&#7913;c gi&aacute; m&#7909;c ti&ecirc;u t&#7915; 94 USD l&ecirc;n 100 USD. C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch cho bi&#7871;t Q3 c&#7911;a Circle v&#432;&#7907;t k&#7923; v&#7885;ng v&agrave; t&igrave;nh h&igrave;nh c&#417; b&#7843;n c&#7843;i thi&#7879;n ch&iacute;nh l&agrave; l&yacute; do cho s&#7921; &#273;&aacute;nh gi&aacute; t&iacute;ch c&#7921;c h&#417;n.
H&#7885; &#273;&atilde; l&agrave;m n&#7893;i b&#7853;t:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>M&#7897;t lo&#7841;t quan h&#7879; &#273;&#7889;i t&aacute;c l&#7899;n &#273;&#432;&#7907;c l&ecirc;n k&#7871; ho&#7841;ch v&#7899;i m&#7841;ng Arc c&#7911;a Circle, hi&#7879;n &#273;ang trong giai &#273;o&#7841;n th&#7917; nghi&#7879;m</li>

<li>S&#7921; quan t&acirc;m &#273;&#7871;n t&#7915; c&aacute;c c&ocirc;ng ty nh&#432; Deutsche B&ouml;rse, Finastra, v&agrave; Visa</li>

<li>Kh&#7843; n&#259;ng ki&#7871;m ti&#7873;n th&ocirc;ng qua m&#7897;t Arc token trong t&#432;&#417;ng lai</li>

<li>L&#432;&#7907;ng USDC &#273;&#432;&#7907;c gi&#7919; tr&ecirc;n n&#7873;n t&#7843;ng c&#7911;a Circle, t&#259;ng t&#7915; 1,1 t&#7927; USD l&ecirc;n 9,1 t&#7927; USD so v&#7899;i c&ugrave;ng k&#7923; n&#259;m tr&#432;&#7899;c</li>

<li>160 tri&#7879;u c&#7893; phi&#7871;u m&#7899;i &#273;&#432;&#7907;c giao d&#7883;ch, t&#259;ng l&#432;&#7907;ng c&#7893; phi&#7871;u l&#432;u th&ocirc;ng v&agrave; &aacute;p l&#7921;c b&aacute;n ng&#7855;n h&#7841;n</li>
</ul>

Th&#7853;m ch&iacute; Ark Invest c&#7911;a Cathie Wood &#273;&#432;&#7907;c b&aacute;o c&aacute;o l&agrave; &#273;&atilde; mua 30 tri&#7879;u USD c&#7893; phi&#7871;u CRCL.
Circle &#273;&oacute;ng vai tr&ograve; trung t&acirc;m trong <a href="https://vn.beincrypto.com/stablecoins-arent-a-threat-theyre-americas-secret-weapon-says-coinbase/" target="_blank" rel="noreferrer noopener">tr&#432;&#7901;ng h&#7907;p s&#7917; d&#7909;ng th&#7921;c t&#7871; ph&#7893; bi&#7871;n nh&#7845;t c&#7911;a crypto</a>, nh&#432;ng &#273;ang ph&#7843;i &#273;&#7889;i m&#7863;t v&#7899;i s&#7921; bi&#7871;n &#273;&#7897;ng ngay l&#7853;p t&#7913;c khi c&aacute;c ng&#432;&#7901;i n&#7855;m gi&#7919; gi&#7843;i ph&oacute;ng c&#7893; ph&#7847;n c&#7911;a h&#7885; v&agrave; c&aacute;c nh&agrave; &#273;&#7847;u t&#432; &#273;&aacute;nh gi&aacute; l&#7841;i gi&aacute; tr&#7883; so v&#7899;i c&aacute;c &#273;&#7889;i th&#7911; c&#7841;nh tranh.
V&#7899;i vi&#7879;c ch&#7845;p nh&#7853;n t&#7915; c&aacute;c t&#7893; ch&#7913;c &#273;ang t&#259;ng t&#7889;c v&agrave; m&#7897;t ng&acirc;n h&agrave;ng l&#7899;n n&acirc;ng m&#7909;c ti&ecirc;u l&ecirc;n 100 USD, b&#432;&#7899;c &#273;i ti&#7871;p theo c&#7911;a CRCL s&#7869; ph&#7909; thu&#7897;c v&agrave;o vi&#7879;c li&#7879;u ngu&#7891;n cung m&#7899;i c&oacute; &#273;&#432;&#7907;c h&#7845;p th&#7909; hay s&#7869; g&acirc;y ra m&#7897;t &#273;&#7907;t &#273;i&#7873;u ch&#7881;nh tr&#432;&#7899;c khi b&#432;&#7899;c v&agrave;o giai &#273;o&#7841;n ti&#7871;p theo c&#7911;a si&ecirc;u chu k&#7923; stablecoin.