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8 hours ago
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Circle Shares Surge on NYSE Debut, Signalling Strong Appetite for Stablecoin Issuers
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. 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 BTC, 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 (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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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8 hours ago
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Circle CFO takes post-IPO victory lap for stablecoin, company
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Circle Internet Group's CFO Jeremy Fox-Geen touted the company's initial public offering Thursday as a historic milestone not just for the stablecoin issuer itself, but for the foundation of a 'new internet financial system,' he said on the day of the offering. Circle priced its initial public offering at $31 per share, giving it a total value of approximately $6.8 billion. 'There's a great symbolism here,' Fox-Geen told CFO Dive in an exclusive interview. 'We're at the heart of the traditional financial system, literally right now, on the floor of the New York Stock Exchange. But what we're doing is, along with others, the hard work of building a new internet financial system.' Taking a victory lap after the New York-based company, which issues the stablecoin USDC, officially began trading under the ticker CRCL on the New York Stock Exchange Thursday, Fox-Geen in a LinkedIn post praised the company's achievements and its place at the 'heart' of that new system — 'one that reduces costs and friction for everyone,' he wrote. 'One that unlocks entirely new forms of utility, access, and innovation.' The IPO is the achievement of a long-time goal for Circle, which has tried for years to make the transition to a public entity. The public offering follows an aborted attempt to go public via special purposes acquisition merger in 2023, when the stablecoin issuer mutually terminated an agreement with blank check company Concord Acquisition Corp. after the deal timed out. However, Fox-Geen told CFO Dive at the time, the company then promptly began exploring alternative ways to make its public debut. For the stablecoin issuer, the long-awaited public offering represents an 'accelerant' for its plans as a global business, Fox-Geen told CFO Dive Thursday. 'We have customers and users all around the world, and we'll be just building on that position to build more distribution partnerships and attract more users around the world,' he said of the company's plans following its IPO. In the past four years since Fox-Geen, a McKinsey and PricewaterhouseCoopers alum, took Circle's CFO seat in 2021, the company has reported steady growth in the face of various challenges to the cryptocurrency space, including the 2023 collapse of Silicon Valley Bank, dips in the circulation of its USDC stablecoin, and other headwinds, the company said in a prospectus filed May 27 with the Securities and Exchange Commission ahead of its offering. The company expanded its full-year revenue from $15.4 million in 2020 to $1.7 billion in revenue and reserve income for full-year 2024, according to the filing. For the full-year 2024, Circle also reported net income of $155.7 million, according to the filing. The company's headcount has also swelled over that time, with Circle hiring additional talent and expertise as it moved to prepare for its IPO and ensure it was operating under public company standards, Fox-Geen said. 'Circle has been audited for many, many years, but for the last four years … we have been running ourselves to public company standards, and we had the practice of doing that to get make sure that we're ready from a financial control perspective,' he said. Circle's IPO also comes at a time when the cryptocurrency space — and most notably, stablecoins — has increasingly drawn more mainstream support and as the Trump administration takes steps to cultivate a friendlier relationship with businesses in the industry. That includes moves such as appointing crypto-friendly leaders to head agencies such as the SEC, for example, as well as setting up working groups to examine the potential use cases of stablecoins. With its IPO, Circle is 'holding ourselves to the very highest of standards for oversight, for transparency and for trust,' Fox-Geen said. The company has long cultivated strong relationships with regulators, and has since its founding, 'always believed that money is a regulated business,' he said. 'All governments and regulators believe that, so perhaps it's a statement of the obvious, and we've always sought to do things the right way.' Others in the industry have echoed Fox-Geen's calls for greater transparency and clearer regulatory standards within the space. Regulatory clarity is 'foundational' for crypto, Dan Chen, the newly-minted CFO of Gemini Trust — the cryptocurrency exchange founded by Tyler and Cameron Winklevoss — told CFO Dive in a recent interview. The call for regulatory clarity comes as numerous global governments, as well as businesses, have taken second looks at the potential use cases of stablecoins — cryptocurrencies backed by a fiat asset, such as the U.S. dollar. The U.S. Senate, for example, recently passed the 'Genius Act,' a bill that would establish a regulatory framework for stablecoins, NBC reported. The European Union, meanwhile, issued approval in February for ten firms to issue stablecoins within the region, a list which includes Circle, according to CoinTelegraph. Circle's USDC, which is backed one to one with the U.S. dollar, has a current market cap of approximately $61.4 billion, according to CoinMarketCap. 'We're heartened that around the world, regulators are converging on a consensus for how to manage a well-run stable coin, and that consensus is largely the way that circle does business,' Fox-Geen said. The moves by lawmakers to cultivate friendlier relationships with the space come as Circle is also seeing 'strong growth' in potential use cases for stablecoins, which are expanding outside of the digital asset market — their 'bootstrap use case,' Fox-Geen said. 'We're seeing strong growth in cross border payments, particularly among small and medium sized enterprises, and we're seeing the green shoots of utility and growth in many other money movement use cases,' he said of potential areas for stablecoin use. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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8 hours ago
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Circle Soars 167% After IPO, Closing at $83 in First Day of Trading
Shares of Circle (CRCL) surged in its first day of trading on the New York Stock Exchange (NYSE), closing at $83 after coming public at $31. The stock spiked to as high as $104 after the first trades crossed the board at $69. For traders and analysts alike, though, the focus now shifts to whether the stock can hold its ground in the days and weeks ahead. Coinbase's 2021 IPO, which was initially hailed as a watershed moment for the crypto industry, offers a cautionary tale. That stock opened at $381 on Nasdaq, briefly climbed to $430, and then slid below $200 within a month. Circle's rise comes alongside a modest bump in activity for the stablecoin market. Trading volume for USDC was up 22% over the past 24 hours, while Tether's USDT — the largest stablecoin by market capitalization — saw its volume climb 13%. USDC plays a key role in the crypto ecosystem by providing a dollar-pegged token used for trading, lending and remittances. Thursday's strong showing may reflect investors' growing appetite for stablecoin infrastructure as traditional and digital finance continue to converge. Still, speculative hype has a way of evaporating quickly. The coming weeks will test whether Circle can maintain investor confidence or fall victim to the volatility that has defined so many crypto-adjacent stocks. 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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8 hours ago
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Major stocks tank against Circle's spectacular NYSE debut
Major stocks tank against Circle's spectacular NYSE debut originally appeared on TheStreet. The stocks of most major crypto companies tanked on June 5 as the stablecoin issuer Circle Internet Group (NYSE: CRCL) made an astonishing public debut on the New York Stock Exchange (NYSE). While the CRCL stock opened at $69 — more than 124% higher than the IPO price of $31, other well-established crypto stocks took a hit today. Bitcoin proponent Michael Saylor's Strategy (Nasdaq: MSTR), the leading Bitcoin treasury company, was trading at $373.62 at press time, down 1.18%. Coinbase (Nasdaq: COIN), the largest crypto exchange in the U.S., was trading at $249.66, down 2.48%. The company recently made it to the much-coveted spot on the S&P 500 in May. Prominent Bitcoin miner MARA Holdings (MARA), earlier known as Marathon Digital Holdings, was exchanging hands at $15.17, down 3.10%. Another leading Bitcoin miner, Hut 8 Group (HUT), was trading at $16.72, down 1.7%. Riot Platforms (Nasdaq: RIOT) is another miner that reflected a downtick and was trading at $9.19, down 3.37%. The Bitcoin miner CleanSpark (Nasdaq: CLSK) similarly witnessed a dip of 3.93% and was trading at $9.16. HIVE Digital (Nasdaq: HIVE), another leading miner, also slipped 3.37% to $1.87. The miner Bitdeer (Nasdaq: BTDR) was no exception either which slipped 3.62% to $12.77. The crypto and stock trading exchange, Robinhood (Nasdaq: HOOD), was the only major crypto stock that registered an uptick today and was trading at $73.44, up 1.66%. The Bank of America analysts recently dubbed Robinhood a 'prime candidate' for the upcoming S&P 500 rebalancing and could follow Coinbase's example. The CRCL stock was trading at $87.14 at press time, up 181%. The crypto market cap also dipped 1.92% over the last 24 hours to $3.25 trillion. As per Kraken, Bitcoin was exchanging hands at $103,242.20 at press time, down 1.7% a day. Major stocks tank against Circle's spectacular NYSE debut first appeared on TheStreet on Jun 5, 2025 This story was originally reported by TheStreet on Jun 5, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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8 hours ago
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PTSD-Afflicted Crypto Investors Hit the Sell Button After Circle's Euphoric IPO
Is it 2021 all over again? Circle (CRCL) debuted to wild upside action on the New York Stock Exchange on Thursday, its shares more than tripling from the IPO price of $31. The event was the culmination of a long journey for the USDC stablecoin issuer, which had been pursuing an IPO for several years. For the crypto industry, it's certainly a win — a sign of strong traditional investor demand and that under the Trump administration, crypto native firms really do have a path to going public. But cryptocurrencies themselves weren't enthused. Bitcoin BTC slid more than 2% to $102,800, its weakest level in about a month, while the CoinDesk 20 (an index of the top 20 cryptocurrencies by market capitalization except for stablecoins, memecoins and exchange coins) fell over 3%. Leading the selloff are tokens such as SOL, AVAX and AAVE, all lower by roughly 6%. It's too early to tell whether the downtrend will persist in the short, medium or long term, but for industry veterans, it's hard not to see shades of another crypto IPO — that of Coinbase (COIN), which took place on April 14, 2021 and marked a then-epic top of $65,000 for bitcoin. Roughly two months following the COIN debut, bitcoin had plunged nearly 60% to about the $28,000 level. A sharp autumn bounce in prices did have bitcoin again re-claiming that $65,000 level, but the selling quickly took hold once again. A brutal bear market ensued through late 2021 and throughout 2022, with bitcoin ultimately bottoming at around $15,000. Bitcoin wouldn't reclaim a fresh record price until March 2024, nearly three years after the Coinbase in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
