Hina Nainani
3 min read
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Circle Internet Financial (NYSE:CRCL), the company behind the USDC stablecoin, raised $1.1 billion in an upsized initial public offering on Thursday, marking its public debut with a 168% first-day gain.
Circle's listing marked the largest crypto IPO since Coinbase Global Inc. (NASDAQ:COIN) went public in 2021.
Circle and its shareholders sold 34 million shares—14.8 million by the company and 19.2 million by existing investors—at $31 per share, above the marketed $27–$28 range. The deal attracted demand reportedly 25 times greater than the available shares at the pricing cutoff, underscoring investor enthusiasm.
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Shares opened at $69 and closed at $83.23, resulting in a market capitalization of $18.4 billion by the end of the session.
Trading volume reached 46 million shares, highlighting investor engagement on the opening day. Institutional activity played a key role: Cathie Wood's ARK Invest disclosed a $150 million investment, and BlackRock Inc. (NYSE:BLK) acquired about 10% of the IPO shares, according to Bloomberg. BlackRock also manages 90% of the reserves backing USDC via the $53.3 billion Circle Reserve Fund.
Circle's IPO arrives at a pivotal moment for crypto regulation in the U.S. The company holds a New York BitLicense—a key regulatory milestone—and CEO Jeremy Allaire told CNBC the firm has been "one of the most licensed, regulated, and transparent companies in the entire history of this industry," adding that the approach "has served us well.
The listing arrives as political and regulatory sentiment appears to be shifting in favor of the crypto sector. According to the Associated Press, analysts view the Trump administration's pro-crypto stance and a bipartisan stablecoin bill advancing through Congress as potential tailwinds that could solidify Circle's position in regulated digital finance.
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Analysts cited by Reuters say Circle's success is being closely watched by other crypto and fintech firms considering public offerings. The deal's reception may encourage listings from peers such as Kraken and Gemini, as well as non-crypto fintechs like Chime.
