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Circle Shares Surge on NYSE Debut, Signalling Strong Appetite for Stablecoin Issuers
The stablecoin issuer’s IPO arrives as investors brace for more market headwinds and regulatory change while stablecoin demand grows.
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What to know:
- Circle shares began trading at $69 on Thursday, then surged to as much as $100, versus its $31 IPO pricing on Wednesday night.
- The company raised $1.1 billion through the sale of 34 million shares, debuting on the NYSE under the ticker CRCL.
- The listing comes amid cautious market sentiment but growing momentum around stablecoin adoption and regulation.
Shares of Circle (CRCL) began trading on the New York Stock Exchange (NYSE) on Thursday, opening at $69 a share in early trading. The stock at one point surged to as much as $100, more than 200% above the $31 price it had set the night before.
The company announced late Wednesday that it sold roughly 34 million shares in its initial public offering, raising $1.1 billion and landing a valuation of $6.9 billion. The listing marks Circle’s long-awaited arrival on public markets after previous attempts, including a failed SPAC deal in 2021.
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Cathie Wood's Ark Investment Management expressed interest in buying as much as $150 million worth of the circle shares, with BlackRock also intending to buy 10% of the shares, according to SEC filings and Bloomberg.
The IPO draws comparisons to crypto exchange Coinbase's (COIN) 2021 IPO on Nasdaq, which saw a volatile session with shares trading as high as $430 before tumbling to $200 one month later.
Elsewhere, crypto-linked stocks, including Coinbase and Strategy (MSTR), along with bitcoin , were trading lower on Thursday. Circle's shares seem to have stabilized around $80 to $83 per share.
Circle's debut lands in a market still wrestling with an uncertain macroeconomic environment. Earnings season is winding down, and more companies have flagged weak outlooks for the next quarter than strong ones, suggesting that U.S. stocks could face added pressure in the months ahead.
However, Circle’s core business — issuing the dollar-pegged USDC token — is benefiting from a different trend. Demand for stablecoins has grown in 2025, partly due to progress on U.S. regulation. Policymakers have signaled they’re moving closer to establishing clearer rules, which could help legitimize and expand the use of stablecoins in mainstream finance.
Deutsche Bank predicted in a report last month that stablecoins are on the verge of going mainstream. The bank cited their growing role in digital payments, cross-border settlement and treasury management while also reinforcing the U.S. dollar's dominance globally.
Circle’s IPO may be early evidence of that shift — an investor bet not just on a crypto company, but on stablecoins becoming essential financial infrastructure.
Read more: Circle’s IPO Filing Tests Crypto Market Confidence After Trump’s Tariff Shock
Update (June 5, 17:09 UTC): Adds price action and additional context about shareholders and the Coinbase IPO comparison.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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