Circle's Shares Rise 167% on First Day of Trading after IPO
Summary
Circle's shares surged 167% on their NYSE debut, closing at $82, indicating strong market interest in stablecoin businesses. The IPO was boosted by BlackRock's interest in a 10% stake and ARK Investment's $150 million share purchase. Circle increased its offering to $1.05 billion with 34 million shares. Circle, issuer of the USDC stablecoin, delayed its IPO due to macroeconomic uncertainties. Arca's CIO criticized Circle for a small allocation in the IPO, despite being an early backer, highlighting tensions between traditional finance and crypto-native companies.
