The circle made its open market debut on the New York Stock Exchange (NYSE) under the ticker “CRCL” on Wednesday, priced the stock at $31, surpassing the expected $24-26 range.
The company provided roughly 34 million shares at a valuation of $1.1 billion. Bloomberg pegs totaling $6.2 billion raised through the IPO.
Circle initially planned to offer just 24 million Class A stock, but 9.6 million people came from the company itself and the rest from early stakeholders. However, as demand spiked, the offering swelled to more than 10 times the original amount.
The IPO marks the second major crypto company to be released under the Trump administration after it went public last month.
The path of Stablecoin publishers to the public market is long. It was attempted to make public through a special purpose acquisition company (SPAC) in 2021. The deal eventually collapsed, but the circle didn't stop pursuing the IPO's ambitions.
Circle issues USDC, the second largest US dollar awarded Stablecoin in the circulation, which has become the backbone of many crypto trading pairs and decentralized finance applications. By being published, companies can help boost investors' trust by providing deeper access to capital markets and strengthening regulatory scrutiny, which has led to recent volatility in the crypto market.
The company's entrance to the NYSE could potentially give U.S. regulators weigh the clear rules of stubcoin, giving potentially public publishers an edge amid renewed interest in digital assets.
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