Circle stock jumps 167% on NYSE debut

Stablecoin issuer Circle made a strong entry into the public market on June 5, with its shares climbing 167% on its first trading session on the New York Stock Exchange (NYSE).

Under the CRCL ticker, Circle’s shares opened at $31, surging 235% in the first hours of negotiation before closing at $82 at the end of the day. The company’s performance hints at a growing market appetite for stablecoin businesses.

The oversubscribed round had some significant tailwinds. On May 28, the world’s largest asset manager, BlackRock,revealed it was eyeing a 10% stakein the IPO. Cathie Wood’s ARK Investment was reportedly interested in buying $150 million worth of shares of the offering.

The demand led Circleto boost its offerto a marketed range of $1.05 billion, with 34 million shares available to investors.

Circle is behind the dollar-pegged stablecoin USDC (USDC). The company has beenworking on the offerfor the past few months, but ultimatelydelayed plans citing macroeconomic uncertaintycaused by ongoing trade wars.

Related:USDC issuer Circle debuts public trading on New York Stock Exchange

Arca executive criticizes Circle IPO

In a now-deleted X post, Arca Chief Investment Officer Jeff Dormantrashed the Circle IPOon June 5, criticizing the company for only granting Arca a $135,000 allocation in the initial public offering.According to Dorman, Arca is one of Circle’s earliest backers. “Most of us stick together and help each other,” the letter read, adding that:

“Most of Arca’s management team left Wall Street eight years ago to start a crypto-native company specifically to get away from TradFi clowns like you,” Dorman continued. “Ironically, you’ve come full Circle.”

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