In a stunning debut that has electrified Wall Street and the crypto world alike, stablecoin issuer Circle made its public market entrance with a bang—its shares (CRCL) rocketing 167% on the first day of trading on the New York Stock Exchange (NYSE).

On June 5, Circle’s stock opened at $31, surged as high as 235% intraday, and closed at a breathtaking $82, underscoring investor hunger for exposure to crypto infrastructure—even as regulators keep a wary eye on the sector. The IPO, initially targeted at a more modest raise, was upsized to $1.05 billion, reflecting the sharp spike in demand.

Big Names, Bigger Bets


The IPO drew heavyweight attention. BlackRock, the world’s largest asset manager, signaled interest in a 10% stake, while Cathie Wood’s ARK Investment was reportedly eyeing $150 million in shares. Their interest sent a powerful signal to institutional investors, helping drive momentum in the final days before the listing.


Circle, best known for its USD Coin (USDC)—a dollar-backed stablecoin with a market cap in the tens of billions—has long been considered a pillar of digital asset infrastructure. The company has been preparing for this IPO for months but delayed the move amid global macroeconomic uncertainty, particularly due to ongoing trade tensions.


Now, its explosive listing may mark a turning point for crypto-native companies seeking Wall Street legitimacy.


A “Full Circle” of Controversy


But not everyone is clapping.


In a now-deleted post on X (formerly Twitter), Arca’s Chief Investment Officer Jeff Dorman unleashed a scathing critique of Circle’s IPO allocation process. Dorman, whose firm was one of Circle’s earliest backers, revealed Arca received only a $135,000 allocation—a sum he called “a joke” given their years-long support.


“You are the first and only crypto company that has ever treated Arca this way,” wrote Dorman, adding:


“Most of us stick together and help each other… Ironically, you’ve come full Circle.”

The comments—though since removed—have ignited debate within the crypto community about loyalty, venture etiquette, and the tension between old guard crypto-native players and newly public firms courting traditional finance (TradFi) capital.


What It Means for Crypto Markets


Circle’s IPO success is a strong signal that crypto’s infrastructure layer is maturing, with stablecoins playing an increasingly central role in both traditional and decentralized finance. The public market’s enthusiasm for a company focused on regulatory-compliant digital dollars stands in contrast to the wariness that has met more speculative crypto ventures.


It also raises the stakes for competitors like Tether and Paxos, who may soon face pressure to follow suit—or risk losing favor with mainstream investors.


As regulatory frameworks around stablecoins continue to evolve globally, Circle’s public status may also bring it under tighter scrutiny, both from lawmakers and from rivals.


The Bottom Line

Circle’s historic debut may be a watershed moment for crypto’s integration with Wall Street. But behind the roaring headlines and soaring stock price is a reminder: the path from crypto-native roots to NYSE stardom is lined with both opportunity—and growing pains.