Circle Internet Financial (NYSE: CRCL), the issuer of the USDC stablecoin, has seen its stock price surge more than 288% since its IPO on the New York Stock Exchange, making it one of the most notable crypto-related public offerings of 2025.
CRCL Skyrockets on Debut, Market Cap Exceeds $23 Billion
Priced at $31 per share in its initial public offering, CRCL had climbed to $120.51 by 1:07 PM ET on Friday, June 6, representing a single-day gain of over 45%. Trading volume reached $41.8 million between the market open and early afternoon. The previous day's close was $82.84. The rapid ascent pushed Circle's market capitalization beyond $23 billion, far exceeding initial expectations and drawing intense interest from both retail and institutional investors.
Ark Invest Goes All-In on Circle
Cathie Wood's Ark Invest made a bold move by acquiring a total of 4.48 million CRCL shares across three of its funds. This large-scale purchase signals strong conviction in Circle's long-term potential as a regulated stablecoin issuer. USDC, Circle's flagship product, is the second-largest dollar-pegged stablecoin with a circulating supply exceeding $30 billion, widely used in DeFi, payments, and institutional treasury operations.
Social Media Frenzy: Sustainable Rally or Short-Lived Hype?
Discussion on X (formerly Twitter) has been heated. A user claiming experience with Goldman Sachs' IPO pricing cautioned against FOMO, advising investors to wait 90–180 days after the listing. 'Allow price discovery to settle. The lock-up expiration typically occurs around that time, which could lead to sell-offs,' the user noted.
Meanwhile, another influential account, Solana Legend, predicted that Circle's success would trigger a wave of crypto IPOs. 'Every crypto company with over $50 million in revenue and some form of moat or advantage is now likely to go public. Think Moonpay, Gemini, Kraken, Phantom...' he wrote. This sentiment resonated across the community, sparking speculation about the next candidates for public listing.
Outlook: A New Era for Crypto Companies Going Public?
Circle's stellar performance echoes Coinbase's 2021 debut, but with a more measured regulatory backdrop. The question remains whether CRCL can sustain its momentum beyond the initial hype. Some analysts point to the lock-up expiration in late 2025 as a potential risk, while others argue that Circle's revenue model—based on interest income from USDC reserves—provides a stable foundation. Regardless, the IPO has undeniably opened a window for other crypto-native firms to pursue public listings, potentially reshaping the landscape of digital asset investing.