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Circle Shares Jump Over 150% on First Day of NYSE Trading
Circle’s explosive stock market debut on Thursday has delivered the first major public test of crypto’s payment infrastructure ambitions.As the stablecoin operator behind USDC began trading on the New York Stock Exchange, shares soared well above expectations, pushing the firm’s valuation to nearly $19 billion and making its cofounder a billionaire overnight.Entrance to the Public MarketCircle Internet Financial Inc. (NYSE: CRCL) opened trading at $69 per share, more than double its IPO price of $31, according to Investing.com data. By afternoon, shares climbed as high as $103.75 before settling around $85, representing a 174% gain. The offering included 34 million shares, with 14.8 million coming from the company and the rest from existing shareholders, including CEO Jeremy Allaire.The IPO raised more than $1 billion and saw major demand from institutional investors. J.P. Morgan, Citigroup, and Goldman Sachs led the offering, which was upsized twice due to intense interest. Investors like BlackRock and ARK Investment Management reportedly bought into the deal.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
Circle’s explosive stock market debut on Thursday has delivered the first major public test of crypto’s payment infrastructure ambitions.
As the stablecoin operator behind USDC began trading on the New York Stock Exchange, shares soared well above expectations, pushing the firm’s valuation to nearly $19 billion and making its cofounder a billionaire overnight.
Entrance to the Public Market
Circle Internet Financial Inc. (NYSE: CRCL) opened trading at $69 per share, more than double its IPO price of $31, according to Investing.com data. By afternoon, shares climbed as high as $103.75 before settling around $85, representing a 174% gain.
The offering included 34 million shares, with 14.8 million coming from the company and the rest from existing shareholders, including CEO Jeremy Allaire.
The IPO raised more than $1 billion and saw major demand from institutional investors. J.P. Morgan, Citigroup, and Goldman Sachs led the offering, which was upsized twice due to intense interest. Investors like BlackRock and ARK Investment Management reportedly bought into the deal.
Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
