Circle shares soar 168% in ‘watershed moment’ for crypto as stablecoins shine – DL News
- Circle’s hit IPO may spur other crypto firms to go public.
- The offering underscores mounting optimism in stablecoins.
- CEO Jeremy Allaire is now a billionaire.
Circle has hit the public market with a bang.
The stablecoin giant’s stock jumped 20% in its debut on the New York Stock Exchange on Thursday. The shares were up 168% from their listing price of $31 a share.
The stock, which uses the ticker CRCL, is at $83 in pre-market trading on Friday.
The performance blew away expectations for the issuer of USDC, and raised hopes for other crypto ventures eyeing an initial public offering.
“I wouldn’t be surprised if Wall Street also starts paying more attention,” Carlos Guzman, an analyst at the market-making firm GSR, told DL News.
