Circle Internet Group’s explosive $1.05 billion IPO on the New York Stock Exchange has reignited investor enthusiasm for cryptocurrency listings, marking the largest public offering in the sector since Coinbase’s 2021 debut. The stablecoin issuer priced shares at $31 but opened at $69 and closed at $83.23 on its first day, reflecting surging demand amid improving sentiment in digital assets.
The offering is widely viewed as a bellwether for other crypto firms considering public listings. “It would not be surprising if other crypto companies follow suit,” said Third Bridge analyst Jacob Zuller. Exchanges such as Kraken and Gemini are seen as likely candidates, with the latter confidentially filing for a U.S. initial public offering just hours ago, as digital asset firms seize on renewed market momentum.
Circle is the issuer of USDC, a U.S. dollar-pegged stablecoin used for crypto trading and payments. CEO Jeremy Allaire emphasized the company’s long-term vision to rebuild financial infrastructure for the internet age. “We’ve had a deep conviction from the inception of the company that we could build a new infrastructure for money,” Allaire said.
The listing comes amid a broader fintech rally. Shares in brokerage eToro jumped 34% in May, and digital bank Chime is targeting a valuation exceeding $11 billion with its upcoming IPO. “If IPOs go wild, it’s a good bellwether,” said Dan Dolev, senior analyst at Mizuho, while NYSE Group President Lynn Martin called Circle’s listing a positive signal for the entire IPO market.
Institutional appetite for digital asset exposure has returned following a period of caution post-FTX collapse in 2022. A major turning point came with U.S. President Donald Trump’s vocal support for crypto, including a White House meeting with industry leaders and a proposed regulatory framework for stablecoins.
According to Sui Chung, CEO of CF Benchmarks, “There’s a plethora of high tech and blockchain-focused investment funds, and these vehicles have been starved of new issues for a long time.”
With regulatory clarity on the horizon and a favorable political climate, Circle’s blockbuster debut may set the stage for a new wave of crypto firms entering public markets.
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