Michaela
Circle, the company behind the widely used U.S. dollar-pegged stablecoin USD Coin (USDC), has begun trading on the New York Stock Exchange (NYSE) after raising its Initial Public Offering (IPO) target to $1.05 billion just a day prior.
Circle CEO Jeremy Allaire announced the news of the firm going public on a June 5 X post. “[Twelve] years ago we set out to build a company that could help remake the global economic system by re-imagining and re-building it from the ground up natively on the internet,” Allaire wrote.
Circle is now publicly listed on the NYSE under the ticker symbol $CRCL. Allaire described the company’s public debut as a major milestone, emphasizing that the global financial landscape is prepared to transition toward a more internet-native monetary system.
“From inception, we have been deeply focused on being trusted, transparent, compliant, ethical and well governed. Holding ourselves to the high standards of the NYSE and SEC rules and regulations further deepens those attributes,” he added.
Circle’s public offering followed an increase in its IPO size to $1.05 billion, with the company selling 34 million shares at $31 apiece. Initially, Circle planned to offer 24 million shares priced between $24 and $26.
Circle’s public listing marks a significant milestone for the crypto community, attracting considerable attention from leading industry figures following its debut on the NYSE.
Coinbase co-founder and CEO Brian Armstrong congratulated Allaire and the Circle team in an X post. “Now more than ever, @USDC is the most trusted stablecoin,” Armstrong wrote. “Building legitimate, regulated crypto products is tough. Doing so in 2013/14, when Circle was founded, was nearly impossible. Let’s all celebrate this milestone with them as a major win for the industry,” he added.
Circle debuted on the NYSE with a powerful performance, as its shares surged 167% by the close of the first trading day. The stablecoin issuer’s stock jumped as much as 235% during early trading before settling at $82.
The oversubscribed offering gained strong momentum after BlackRock, the world’s largest asset manager, announced on May 28 its intention to acquire a 10% stake in the IPO.
Read More
- Ripple Eyes Takeover of Stablecoin Giant Circle
- Binance and Circle Partner to Expand USDC Adoption Globally
- Coinbase Knew of Insider Data Leak Months Before Public Reveal
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
