Stablecoin Issuer Circle Soars 168% In IPO Debut

Circle Internet Group surged 168% in its NYSE debut, raising nearly $1.1 billion after pricing its IPO at $31 and opening at $69. 'At one point, shares traded as high as $103.75,' notes CNBC. From the report: The New York-based company priced its IPO late Wednesday far above this week's expected range of $27 to $28, and an initial range last week of between $24 and $26, valuing the company at some $6.8 billion before trading began. Trading volume by the end of the session was about 46 million, far exceeding the number of freely floating shares available for trading.

Circle joins Coinbase, Mara Holdings and Riot Platforms as one of the few pure-play crypto companies to list in the U.S. This marks the company's second attempt at going public. A prior merger with a special purpose acquisition company collapsed in late 2022 amid regulatory challenges. '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,' CEO Jeremy Allaire told CNBC's 'Money Movers' on Thursday. '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.'

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