U.S. stablecoin giant Circle officially went public yesterday (6/5) with an IPO price of $31 per share. Opening at $69.5, the stock surged to a high of $103.75, delivering a blockbuster debut that injected a dose of cryptocurrency excitement into the U.S. IPO market. This could encourage more digital asset companies to go public.

Stock Soars to $100, Market Cap Hits $18.5 Billion

Circle’s stock more than tripled its IPO price of $31, peaking at $103.75, with trading halted multiple times due to market volatility. The stock closed in New York at $83.23, marking a single-day gain of approximately 168%.

Data compiled by Bloomberg shows this was the largest first-day gain for a U.S. IPO raising over $100 million since Sono Group NV, a solar electric vehicle maker, which saw its stock rise 155% on its debut in 2021.

The IPO valued Circle at $18.5 billion. Including employee stock options, restricted stock units, and warrants, the company’s fully diluted valuation is approximately $22.1 billion.

Circle’s IPO Success Boosts Confidence for Crypto Listings

Circle’s $1.1 billion IPO is undoubtedly the most high-profile cryptocurrency company debut since Coinbase’s direct listing in 2021. Given the crypto industry’s persistent desire to access public markets, Circle’s performance may inspire confidence in other companies considering IPOs, encouraging them to move forward.

In an interview with Bloomberg on Thursday, Circle’s co-founder and CEO Jeremy Allaire said the IPO will bring greater trust, compliance, and transparency to Circle’s regulated stablecoin network, facilitating partnerships with other financial institutions.

Circle’s standout IPO could even help restore market confidence, particularly for companies that faced undervaluation in recent years.

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