Circle’s Spectacular NYSE Debut: Stock Price Soars 150%
Circle, the issuer of the second-largest stablecoin, USDC, witnessed a remarkable performance during its debut on the New York Stock Exchange, with shares surging over 150%. The stock price rose sharply from its initial public offering (IPO) price of $31, reaching nearly $100 before stabilizing around $80 by 3:00 PM EST, reflecting an impressive increase of approximately 160%.
The company successfully raised $1.1 billion at a valuation of $6.9 billion through the sale of 34 million shares. Circle’s growth trajectory has been bolstered by a favorable regulatory environment under former President Trump’s administration. In a recent report, Citi projected that the total supply of stablecoins could expand from $230 billion to between $1.6 trillion and $3.7 trillion by 2030.
This notable advancement comes after Circle faced significant hurdles, including the fallout from the SVB crisis and the collapse of Silvergate, both of which posed serious risks to its stability. Additionally, a previous attempt to go public via a SPAC merger in 2022 was thwarted by multiple regulatory challenges.