Vardah Gill
2 min read
Shares of Circle Internet Group (NYSE:CRCL) jumped 168% on Thursday following its initial public offering, which raised nearly $1.1 billion for the stablecoin firm and its selling shareholders.
The stock debuted at $69 on the New York Stock Exchange, well above its IPO price of $31, and at one point hit a high of $103.75.
Circle Internet Group (NYSE:CRCL) set its IPO price late Wednesday, significantly above both the revised $27–$28 range earlier in the week and the initial $24–$26 estimate from last week, giving the company a valuation of around $6.8 billion before trading began.
By the end of the day, trading volume hit approximately 46 million shares, well above the number of publicly available shares.
CEO Jeremy Allaire made the following statement on CNBC’s “Money Movers” on Thursday:
“To realize our vision, we needed to forge relationships with governments, we needed to work with policymakers … because if you want this to work for mainstream, it’s got to work in mainstream society and you need to have those rules of the road. We’ve been one of the most licensed, regulated, compliant, transparent companies in the entire history of this industry, and that’s served us well.”
Allaire co-founded Circle Internet Group (NYSE:CRCL) in 2013. Originally headquartered in Boston, the company began with a focus on consumer payment solutions, along with crypto wallet and exchange services. In 2015, it became the first company to secure the notoriously hard-to-get BitLicense from New York State. Earlier this year, Circle relocated its headquarters to New York.
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