Circle Shares Surge in Debut NYSE Listing

Stablecoin issuer Circle began trading on the New York Stock Exchange (NYSE) Thursday, June [Date, context required], far exceeding initial expectations with shares opening at $69 and briefly hitting $75 before trading was halted for volatility.

Circle trades on the NYSE under the ticker symbol CRCL.

“We’ve seen really, really tremendous demand from phenomenal investors that I think see what we see, which is that the internet is entering a new chapter,” said Circle CEO Jeremy Allaire during an interview with CNBC ahead of the listing Thursday.
“It is the chapter of upgrading the financial system with stablecoin money.”

The initial share price was set at $31 Wednesday evening, coming in well above the proposed range. Investors who purchased shares directly from underwriters achieved a gain of approximately 144% based on the opening price.

CEO Allaire rang the opening bell at the NYSE ahead of the trading debut. He is scheduled to ring the closing bell later Thursday from Circle’s New York headquarters.

The registration statement indicated raising $1.1 billion by selling 34 million shares. The offering was upsized from the initial 32 million shares due to overwhelming demand.

“This is how the US becomes the global crypto/blockchain hub and fulfills the administration’s objective,” and “The bigger companies in the digital asset world gain added credibility by going through a real-world vetting process,” wrote 10T Holdings CEO Dan Tapiero.

The offering was 25 times oversubscribed according to Bloomberg, reflecting intense investor interest.

VanEck’s Matthew Sigel characterized Circle as a potentially steady investment for institutions based on its profitability and stability, though suggesting retail investors might face challenges differentiating it from better-established players like Coinbase in terms of volatility and brand recognition.

The listing follows recent debuts by Galaxy Digital and DeFi Technologies on the Nasdaq.

Update 6/5: Added additional context regarding oversubscription and Tapiero’s quote.