Circle stock jumps 167% on NYSE debut
Circle had boosted its IPO to a range of $1.05 billion on June 4 as investor demand grew significantly.
Stablecoin issuer Circle made a strong entry into the public market on June 5, with its shares climbing 167% on its first trading session on the New York Stock Exchange (NYSE).
Under the CRCL ticker, Circle’s shares opened at $31, surging 235% in the first hours of negotiation before closing at $82 at the end of the day. The company’s performance hints at a growing market appetite for stablecoin businesses.
The oversubscribed round had some significant tailwinds. On May 28, the world’s largest asset manager, BlackRock, revealed it was eyeing a 10% stake in the IPO. Cathie Wood’s ARK Investment was reportedly interested in buying $150 million worth of shares of the offering.