Circle’s explosive stock market debut on Thursday hasdelivered the first major public test of crypto’s payment infrastructureambitions. As the stablecoin operator behind USDC began tradingon the New York Stock Exchange, shares soared well above expectations, pushingthe firm’s valuation to nearly $19 billion and making its cofounder abillionaire overnight.
Entrance to the Public Market
Circle Internet Financial Inc. (NYSE: CRCL) openedtrading at $69 per share, more than double its IPO price of $31, according toInvesting.com. By afternoon, shares climbed as high as $103.75 beforesettling around $85, representing a 174% gain.
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
The offering included 34 million shares, 14.8 million of which came from the company and the rest from existing shareholders,including CEO Jeremy Allaire.
The IPO raised more than $1 billion and saw majordemand from institutional investors. J.P. Morgan, Citigroup, and Goldman Sachsled the offering, which was upsized twice due to intense interest. Investorslike BlackRock and ARK Investment Management reportedly bought into the deal.
The NYSE welcomes @circle in celebration of its IPO! For over a decade, Circle has connected traditional finance and digital assets, seeking to create a secure, always-on digital economy. $CRCL@jerallairepic.twitter.com/YnHL34puz7
— NYSE 🏛 (@NYSE) June 5, 2025
First Stablecoin Issuer to Go Public
Circle’s IPO marks a significant milestone for thedigital asset industry. The Boston-based fintech becomes the first stablecoinissuer to list publicly, signaling mainstream validation of blockchain-basedpayment tools. USDC, Circle’s flagship product, is the world’s second-largeststablecoin with $61 billion in circulation, second only to Tether.
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The company’s listing is also one of crypto’s most significant publicmarket events since Coinbase’s 2021 IPO. Thursday’s stock surge caps a volatile chapter in Circle’s history. In 2022, the company abandoned a $9 billion SPAC deal. In 2023, it reportedly temporarily lostaccess to reserves during the collapse of Silicon Valley Bank, shakingconfidence in USDC.
Earlier this year, Circle reportedly turned downacquisition offers from Coinbase and Ripple, valuing the company at around $5billion. Instead, it chose to go public, likely betting on growing investorappetite and improving regulatory clarity.
Meanwhile, Israeli fintech giant eToro debuted in May in a much-anticipated Wall Street listing. Despite broader marketuncertainties, trading platform eToro delivered a strong performance on itsfirst day on the Nasdaq. Meanwhile, Israeli fintech giant eToro debuted in Mayin a much-anticipated Wall Street listing. Despite broader marketuncertainties, trading platform eToro delivered a strong performance on itsfirst day on the Nasdaq.
This article was written by Jared Kirui at www.financemagnates.com.
