Circle's shares rose on Thursday when the stablecoin issuer began trading on the New York Stock Exchange, marking one of the most successful debuts for a crypto company in recent times.
As a result of the stock offering, nearly $1.1 billion was raised, allowing Circle to complete the deal with a market capitalization of $18.4 billion, placing it alongside industry giants but ahead of smaller participants.
Circle, a company traded under the ticker CRCL, issued 34 million shares and quickly attracted investor attention. The shares opened at $69 and reached a high of $103.75 during the day, with trading being paused several times due to volatility.
Its shares closed at $83.23, which is 168% above the IPO price of $31 per share.
"If you want this to work at scale, it needs to work in mass society, and you need to set the rules of the game," CEO Jeremy Allaire said Thursday on CNBC's 'Money Movers.'
Circle's debut comes at a time when more cryptocurrency companies are considering initial public offerings. This trend is gaining momentum amid the U.S. pivot towards cryptocurrencies under President Donald Trump.
The successful debut of the stablecoin giant on its first day contrasts with several high-profile listings in this sector, although its valuation reflects a more restrained approach from investors.
Coinbase, the largest cryptocurrency exchange in the U.S., went public in April 2021 through a direct listing with a valuation of $85 billion. Shares rose 31% on the debut day, then fell, and since then, the stock has closely followed broader cryptocurrency market cycles.
Robinhood began offering cryptocurrency trading in 2018 and went public in 2021 with a valuation of $29 billion. Despite cryptocurrency driving the company's growth, it has remained primarily a platform for stock and options trading, unlike cryptocurrency companies such as Circle or Coinbase.
The multi-asset brokerage platform eToro went public through a SPAC in 2023 with a valuation of around $5 billion, while the Fold app, which rewards users in Bitcoin, completed its merger with a SPAC in February 2025, valuing the company at approximately $224 million. Circle's valuation of $18.4 billion places it at the lower end of this range.
However, the stock performance on the first day tells a different story.
Circle's 168% gain was the most significant among recent cryptocurrency listings. Fold rose about 30% on its debut day, while Coinbase increased by 31%, and eToro by just 4%. Meanwhile, Robinhood fell more than 8% on its first day.
