#CircleIPO Stablecoin issuer's shares open at $69 vs $31 IPO price

Stock closes debut trading session at $83.23

Stablecoin issuer Circle Internet's (CRCL.N), opens new tab shares more than doubled in their debut on the New York Stock Exchange on Thursday, firing up the IPO market that has struggled to regain momentum.

The New York-based company's stock opened for trading at $69 apiece, valuing the stablecoin issuer at nearly $18 billion, on a fully-diluted basis.

The stock rose as much as $103.75 and was halted multiple times for volatility amid frenetic trading. The shares closed at $83.23, up roughly 168% from their IPO offer price.

The successful flotation is likely to encourage other crypto IPO hopefuls eyeing public markets. Surging interest in digital assets amid rising token prices and supportive regulatory developments is expected to spur more listings from the industry.

"The more crypto companies that go public, the easier it will be for future crypto companies," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.