On Thursday, Circle Internet Group, the issuer of USDC, saw its shares surge 168% upon its debut on the New York Stock Exchange (NYSE) (Source: DALL-E, TradingView.com).
Circle's stock opened at $69, significantly above its IPO price of $31. During the day, shares peaked at $103.75, demonstrating strong investor interest.
The IPO was priced late Wednesday, exceeding the anticipated range of $27 to $28, and an earlier range of $24 to $26. This valued the company at approximately $6.8 billion before trading began.
By the end of the trading session, Circle's trading volume reached about 46 million shares. This performance places Circle alongside other crypto firms in the US market.
CEO Jeremy Allaire emphasized building relationships with governments and policymakers. He highlighted Circle's commitment to compliance and transparency.
The strong IPO debut could influence how institutional investors approach future listings. Companies like Omada Health and Klarna are preparing for IPOs.
While the initial market value was $6.1 billion, Thursday's trading surge adjusted that figure. Circle successfully raised approximately $1.1 billion through the offering.
Circle's previous attempt to go public via a SPAC failed in late 2022 due to regulatory issues. General Catalyst and IDG Capital are among the largest shareholders.