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06/08 06:52
Circle surges in NYSE debut amid growing interest
Circle surges in NYSE debut amid growing interest in stablecoins
Circle, the company behind the USDC stablecoin, made an impressive debut on the New York Stock Exchange on June 5, with its shares jumping 167% by the market close.
The shares, which trade under the ticker CRCL, opened at $31 and closed at $82, having peaked earlier in the day at more than double their opening price.
The IPO was met with huge demand, boosted in part by reports that BlackRock was seeking a 10% stake and ARK Invest was considering buying $150 million worth of shares.
This momentum prompted Circle to increase its offering to $1.05 billion by issuing 34 million shares to investors. The strong debut highlighted growing investor confidence in crypto infrastructure companies, particularly in the stablecoin sector, where USDC continues to gain popularity.
Circle postponed its public debut earlier this year due to economic uncertainty, but now it seems like its market entry has come at the right time.
Not everyone was happy, though. Arca CIO Jeff Dorman publicly criticized the IPO process in a now-deleted post on X, expressing his disappointment with what he described as a minimal allocation to one of Circle’s earliest backers. He accused the company of neglecting longtime allies in favor of traditional financial players.
While Dorman's comments added tension to an otherwise festive launch, the broader market reaction to Circle's IPO suggests a new level of interest in crypto-native businesses, particularly those offering dollar-backed digital assets.
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