Stablecoin Issueer Circle made a strong entry into the public market on June 5, its shares climbing 167% during its first negotiation session on the New York Stock Exchange (NYSE).
Under the TCCL Ticker, Circle’s shares opened at $ 31, increasing 235% in the first hours of negotiation before closing at $ 82 at the end of the day. The performance of the company refers to a growing market appetite for Stablecoin companies.
The overwhelming round had significant rear winds. On May 28, the largest asset manager in the world, BlackRock, revealed that he was considering a 10% stake in the IPO. Cathe Wood’s ARK investment would be interested in buying stocks of $ 150 million in the offer.
The demand led the circle to increase its supply to a range sold of $ 1.05 billion, with 34 million shares available for investors.
Circle is behind the Stablecoin USDC (USDC). The company has been working on the offer for a few months, but has finally delayed plans quoting the macroeconomic uncertainty caused by the current commercial wars.
In relation: USDC Isuer Circle made its public debut on the New York Stock Exchange in New York
Arca Executive Critifies the IPO Circle Stock Exchange
In an X post now removed, the director of investments at Arca, Jeff Dorman, ransacked the IPO of the circle on June 5, criticizing the company for having conceded to Arca an allowance of $ 135,000 in the initial public offer.
According to Dorman, Arca is one of the first donors in Circle. “Most of us stay together and we help,” said the letter, adding that:
“I cannot believe that our efforts to help you grow for years have resulted in you giving us a joke, a disposable allowance. You are the first and the only Crypto company that has ever treated Arca in this way.”
“Most of the Arca management team left Wall Street eight years ago to start a crypto-natif business specifically to move away from tradfi clowns like you,” Dorman continued. “Ironically, you have completed the loop.”
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