TLDR

Circle stock (CRCL) surged 167% on its NYSE debut, opening at $31 and closing at $82 after reaching over $100 intraday
The stablecoin issuer raised $1.05 billion in its oversubscribed IPO with backing from BlackRock and ARK Investment
Tether CEO Paolo Ardoino previously criticized Circle’s business model, claiming “they make no money”
Circle CEO Jeremy Allaire’s personal wealth increased by nearly $2 billion based on his company stock holdings
Trading was halted multiple times due to excessive demand, pushing Circle’s market cap past $19 billion

Circle Internet Financial made a stunning entrance on the New York Stock Exchange on June 5. The USDC stablecoin issuer’s shares jumped 167% on their first trading day.

Source: Yahoo Finance

The stock opened at $31 under the ticker CRCL. Shares surged as high as 235% during early trading hours before settling at $82 by market close.

The performance exceeded most Wall Street expectations. Trading was halted multiple times due to overwhelming investor demand.

Circle’s fully diluted market capitalization surged past $19 billion during the session. The company raised $1.05 billion through its initial public offering.

The IPO attracted heavyweight institutional investors. BlackRock, the world’s largest asset manager, revealed plans to acquire a 10% stake on May 28.

.@BlackRock plans to acquire about 10% of the shares offered in @circle Internet Group Inc.’s initial public offeringhttps://t.co/2JwMWoi9GH pic.twitter.com/F1lgZswbdE

— ICO Drops (@ICODrops) May 28, 2025

Cathie Wood’s ARK Investment reportedly sought to purchase $150 million worth of shares. The strong demand led Circle to boost its offering range.

Major Investors Drive Demand

The company made 34 million shares available to investors. The oversubscribed round reflected growing appetite for stablecoin businesses.

Circle is the issuer behind USDC, a dollar-pegged stablecoin. USDC currently has a circulating value of $61 billion.

The company had delayed its IPO plans previously. Management cited macroeconomic uncertainty from ongoing trade tensions.

Circle CEO Jeremy Allaire’s personal wealth increased by nearly $2 billion. His gains came from company stock he owns.

I am incredibly proud and thrilled to share that @circle is now a public company listed on the New York Stock Exchange under $CRCL!

12 years ago we set out to build a company that could help remake the global economic system by re-imagining and re-building it from the ground up… pic.twitter.com/okcH0ys6Tc

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) June 5, 2025

Allaire celebrated the milestone on social media. He emphasized Circle’s commitment to transparency and regulatory compliance.

“From inception, we have been deeply focused on being trusted, transparent, compliant, ethical and well governed,” Allaire posted on X.

Competitor Criticism Proves Premature

The success contrasted sharply with earlier criticism from competitors. Tether CEO Paolo Ardoino had dismissed Circle’s business prospects during an April interview.

“They make no money, I guess,” Ardoino told Decrypt at the time. He questioned Circle’s financial disclosures and revenue model.

Ardoino suggested that Circle’s focus on institutional adoption was shortsighted. “Every one of them will focus on institutional adoption, and institutions will betray you for one business point,” he said.

The Tether CEO compared competing with his company to building “another Amazon” from scratch. He claimed Tether’s distribution network would be difficult to replicate.

Tether operates the world’s largest stablecoin, USDT, with over $153 billion in market capitalization. Circle’s USDC ranks as the second-largest stablecoin globally.

The companies compete in different regulatory environments. Circle operates from the United States and emphasizes compliance with financial regulations.

Tether has never submitted to a full financial audit. USDT has been delisted in jurisdictions with stricter stablecoin requirements, including the European Union.

Not all investors praised Circle’s debut. Arca Chief Investment Officer Jeff Dorman criticized the company’s IPO allocation process in a since-deleted social media post.

Dorman claimed Arca received only a $135,000 allocation despite being an early Circle backer. He called the allocation a “joke” and criticized Circle’s treatment of early supporters.

Investment analysts attributed Circle’s strong performance to stablecoin market enthusiasm. “It’s mostly driven by stablecoin fervor and folks vastly underexposed or sidelined there,” Tom Dunleavy from Varys Capital told Decrypt.

Circle’s regulatory-compliant approach positioned it well for potential US stablecoin legislation. Pending congressional bills would require detailed audited reserves and anti-money laundering compliance.

The stock’s performance caught many traditional finance analysts by surprise. Circle’s market debut marked a milestone for cryptocurrency companies entering public markets.

The post Circle Internet Financial (CRCL) Stock: Shares Jump 167% in NYSE Debut Trading Session appeared first on CoinCentral.

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Filed under: News - @ June 6, 2025 10:13 am