Stablecoin Issuer Circle Soars 168% In IPO Debut

Circle Internet Group made a successful debut on the New York Stock Exchange, with its stock surging 168% and raising nearly $1.1 billion. The company priced its IPO at $31, but opened at $69 and reached a high of $103.75. This values the company at around $6.8 billion before trading began. Circle's IPO was priced above its expected range of $27 to $28, and far above its initial range of $24 to $26. The company's trading volume was high, with around 46 million shares traded by the end of the session. Circle is one of the few pure-play crypto companies to list in the US, joining Coinbase, Mara Holdings, and Riot Platforms. This is the company's second attempt at going public, after a prior merger with a special purpose acquisition company collapsed in 2022. CEO Jeremy Allaire attributed the company's success to its focus on building relationships with governments and policymakers. Allaire stated that Circle has been one of the most licensed, regulated, and compliant companies in the industry, which has served it well. The company's goal is to make its services work for mainstream society, which requires working with governments and policymakers to establish rules and regulations.