Circle’s Supersized IPO Delivers Hotly Anticipated Windfall to Crypto Investors
Editor’s Note: This article was originally published on PitchBook.com.
Circle CRCL stock skyrocketed during the stablecoin issuer’s first day of trading on the New York Stock Exchange, closing at $82.84 a share, a 167% bump from its IPO price.
Circle’s public debut has been closely watched by the crypto industry, and the strong investor demand for its stock bodes well for the 2025 and 2026 exit prospects of other companies. Sizable exits for later-stage crypto companies have been sparse for years, despite markedly improved spot market conditions.
Circle priced its IPO at $31 a share, above its target $27-$28 range, giving it a valuation of about $18 billion. Trading then opened at an eye-popping $69 a share, eliciting…
