The shares of the stablecoin giant Circle surged on its first day as a public company.
In a post on the social media platform X, the issuer of the second-largest dollar-pegged stablecoin USDC and the euro-pegged Euro Coin (EURC) says its shares can now be traded on the New York Stock Exchange (NYSE).
The company initially announced plans to go public back in 2021.
“Circle is now officially a public company, listed on the NYSE under CRCL.
With USDC, EURC, Circle Payments Network & more, we’re pushing forward a future of frictionless value exchange. We are not just building financial products. We are building the money layer of the internet.”
Circle made its stock market debut on Thursday with an opening price of $69 per share, up by 168.48% from the initial public offering (IPO) price of $31.00 per share.
The company originally aimed for an IPO price of about $28 per share, but pseudonymous crypto analyst The Flow Horse says this is relatively low.
“ I think $28 is going to look cheap over a multi-month period. Outside of the initial event volume, I will be looking for price to develop a clean range and ideally start to establish a longer-term position.”
Circle’s stock peaked at $103.75 and closed at $83.23 on Thursday.
Financial titan BlackRock reportedly plans to accumulate 10% of Circle’s shares. The world’s largest asset manager is already the acting reserve manager for the assets backing USDC.
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The post Circle’s Stock Rips by 175% on First Day of Trading Amid Flood of Interest in the Stablecoin Issuer’s IPO appeared first on The Daily Hodl.
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