Stablecoin issuer Circle Internet Financial saw its stock take off on its first day of trading, leaping from an initial price of $31 to an intraday peak of $94.84. By 3 p.m. Eastern time, the CRCL ticker was up more than 158%, cruising at $80.19.
Circle’s NYSE Breakout Turns Heads—and Heats up Crypto Finance
WRITTEN BY
SHARE
Wall Street Just Got a Straight Dose of Stablecoin Hype, Courtesy of Circle
At the time of writing, the New York Stock Exchange (NYSE) listing gave Circle Internet Financial (CRCL) a fully diluted market cap hovering around $16.79 billion. Demand for the stock was heavy on Thursday, with about $34,355,443 in trading volume by midafternoon.
On social media, commentary poured in as users dissected the buzz around Circle’s debut. “Circle trading at $85 up from $31 IPO price,” posted crypto advocate Yano on X. “Every investment bank and CEO is staring at this number right now saying ‘it’s go time.’ Get ready for an onslaught of crypto IPOs,” Yano continued.
Others took a more playful tone, with one quip reading:
It’s funny thinking about Gensler reading about the Circle IPO in the WSJ.
Alex Thorn, head of research at Galaxy Digital, reflected on the journey stating: “When I met the Circle team in 2018 (while at Fidelity) and heard the story of their pivot to a ‘ stablecoin,’ I thought they were crazy and grasping at straws. I was wrong! epic for them to go public after more than a decade of basically trying every business model in crypto.”
