Circle and its backers raised $1.05 billion in an expanded initial public offering.
• The cryptocurrency industry is gaining momentum as the U.S. embraces digital assets.
June 5 (Reuters) - Circle Internet (CRCL.N), the stablecoin issuer, saw Apple shares rise more than threefold in their debut on the New York Stock Exchange on Thursday, activating a market for initial public offerings that had struggled to regain momentum.
The company's shares opened for trading at $69 per share, valuing the stablecoin issuer at around $18 billion on a fully diluted basis.
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The stock rose as much as $103.75 and was halted multiple times due to volatility amid frantic trading. Its last trading price was $94.87.
The success of the initial public offering is likely to encourage other ambitious cryptocurrency companies to go public, looking towards public markets. Increased interest in digital assets is expected to stimulate more listings in this sector, amid rising token prices and supportive regulatory developments.
Matt Kennedy, senior strategist at Renaissance Capital, a firm that provides research focused on IPOs and ETFs, said: "The more cryptocurrency companies go public, the easier it will be for future cryptocurrency companies."