Stablecoin issuer Circle made a strong entry into the public market on June 5, with its stock soaring 167% on its first day of trading on the New York Stock Exchange (NYSE).
Under the ticker symbol CRCL, Circle's stock opened at $31 and surged 235% within the first few hours of trading, ultimately closing at $82. The company's impressive performance highlights the growing demand for stablecoin businesses in the market.
The oversubscribed offering received strong support. On May 28, the world's largest asset management company, BlackRock, disclosed its intention to acquire a 10% stake in this IPO. Reports indicate that ARK Investment, led by Cathie Wood, plans to purchase $150 million worth of the offering shares.
The surge in investor demand prompted Circle to expand the offering size to $1.05 billion, providing 34 million shares to the market.
Circle is the issuer behind the USDC stablecoin, which is pegged to the US dollar. The company has been preparing for this public offering for the past few months but had previously delayed its plans due to macroeconomic uncertainties caused by the ongoing trade war.
In a now-deleted post on the X platform, Arca's Chief Investment Officer Jeff Dorman harshly criticized Circle's IPO on June 5, claiming the company only allocated $135,000 to Arca in the initial public offering.
According to Dorman, Arca was one of Circle's earliest supporters. "Most of us in the industry typically support and help each other," the letter stated, further noting, "I can't believe the efforts we've made over the years to help you grow have resulted in just a trivial, half-hearted allocation. You are the first and only cryptocurrency company to treat Arca this way."
"Most of Arca's management team left Wall Street eight years ago to create a crypto-native company specifically to get away from traditional financial clowns like you," Dorman continued to accuse. "Ironically, you have 'full Circl-ed' yourselves."
Related: Report: Institutional Bitcoin (BTC) ETF Holdings Experience First Quarterly Decline
Original: “Circle Stock Jumps 167% on First Day of Trading on NYSE”
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