Circle shares set to surge in NYSE debut, lifting hopes for IPO market recovery
(Reuters) -Circle Internet's shares were set for a strong debut on the New York Stock Exchange on Thursday, a move expected to boost an IPO market that has struggled to regain momentum.
The stock was last indicated to trade between $60 and $61 at debut compared with its IPO price of $31.
The successful flotation is likely to encourage other crypto IPO hopefuls eyeing public markets. Surging interest in digital assets amid rising token prices and supportive regulatory developments are expected to spur more listings from the industry.
The outlook for the digital asset industry has also brightened with the Trump administration adopting a lighter regulatory touch and moving to establish a crypto-friendly environment.
In recent months, a growing number of companies have also added cryptocurrencies to their balance sheets to capitalize on rising token prices.
Circle's flotation is the biggest crypto listing since Coinbase's 2021 debut and the first major IPO by a stablecoin issuer. It had earlier attempted to go public through $9 billion blank-check deal, but the deal fell apart in 2022.
MAINSTREAM ADOPTION
Circle's IPO is also a landmark moment for the stablecoin market, which has been a hot topic since the Trump administration took office.
The passage of the pending stablecoin bill could further accelerate the adoption of the digital tokens and make it more mainstream.
Apart from being used to trade cryptocurrencies, stablecoins are increasingly being used as a form of digital payment.
Wall Street expects stablecoins to become one of the biggest themes within finance in the coming years and the next multi-trillion dollar market opportunity.
Founded in 2013 by Jeremy Allaire and Sean Neville, Circle issues the dollar-denominated USDC, the world's second-largest stablecoin by market cap after Tether. Besides USDC, Circle also issues the euro-denominated stablecoin EURC.
Allaire, 53, has led Circle since its inception. He previously served as the co-founder and CEO of streaming technology company Brightcove.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Anil D'Silva, Shilpi Majumdar and Shounak Dasgupta)
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