Since its IPO on June 5, Circle's stock price has skyrocketed over 500%, reaching a market value of $48.4 billion on June 18. ARK Invest subscribed for $150 million, and BlackRock invested $60 million. After initially buying 4.5 million shares, ARK has partially sold some but still holds 4 million shares. There is a significant divergence in market valuation for CRCL: some investors continue to buy, while others, including the CEO of Airwallex, believe the valuation is too high and suggest shorting it, although the cost of shorting is relatively high. Arthur Hayes points out that Circle has gained a market sentiment premium as a compliant stablecoin platform; although the valuation is high, the upward trend may continue. With traditional payment giants yet to enter the market, Circle has become the sole target in the current stablecoin narrative, and it is advised not to short it lightly.