Circle Internet Group (NYSE:CRCL), the fintech firm behind the widely used USDC stablecoin, made a spectacular entrance onto the public market Thursday, with its stock soaring over 167% in one of the most successful initial public offerings in recent memory.
The explosive debut sent a powerful signal that Wall Street’s appetite for regulated crypto infrastructure is stronger than ever, rejuvenating a sluggish IPO market and paving the way for other digital asset firms to follow.
Trading under the ticker CRCL, the company’s launch on the New York Stock Exchange captivated investors from the opening bell. After pricing its 34 million shares at $31—well above the anticipated $27-$28 range—the stock opened for trading at $69. Intense demand triggered multiple trading halts due to volatility as the price rocketed to a high of $103.75 before closing its first session at $82.84.
The momentum continued into Friday, with shares climbing even further to a peak of $117.45. The IPO raised approximately $1.1 billion for Circle and its existing investors, valuing the firm at nearly $18 billion on a fully diluted basis.
The blockbuster listing, which marks the first major crypto-related IPO of 2025, is seen as a landmark event for the industry. It provides public market investors, including notable institutions, a way to gain exposure to the stablecoin economy without directly holding crypto assets. The strong showing immediately influenced the sector, with reports that rival crypto exchange Gemini filed to go public just one day after Circle’s stunning debut.
Despite the historic first-day pop, some analysts have urged caution. Experts note that such dramatic surges are often engineered by underwriters to generate hype, and the real test will come after the 180-day lockup period expires, which could lead to significant selling pressure from insiders.
Nevertheless, Circle’s successful entry has affirmed the legitimacy of stablecoins and signaled Wall Street’s readiness to back the foundational companies of the digital economy.
