Circle Internet Financial, the issuer of the USDC stablecoin, completed its initial public offering (IPO) on June 5, 2025, debuting on the New York Stock Exchange under the ticker CRCL at an IPO price of $31 per share. The IPO was heavily oversubscribed, raising approximately $1.1 billion and valuing the company at around $28 billion. Circle previously attempted to go public via a SPAC deal in 2021.
On its first day, CRCL shares closed at $83. Since its debut, Circle's stock has experienced rapid gains, surging as much as 347% to an intraday high of $138.57 within three trading days. The stock closed Monday at $115, up 270% from its IPO price, with significant trading volumes, including 37 million shares traded Monday. Pre-market trading saw the stock reach as high as $130, and options on CRCL began trading with an IV30 of 173%.
Institutional investors have shown strong interest, with Japan's SBI Holdings investing $50 million and ARK Invest acquiring over 4.4 million shares across its ETFs. Bitwise is reportedly interested in a $150 million stake. Fund managers such as ProShares and Bitwise have filed for exchange-traded funds (ETFs) based on CRCL, including leveraged and covered call strategies. Notable options trades include a $547,000 call option purchase.
Circle is currently the second-largest stablecoin issuer, with $61.5 billion USDC in circulation, trailing only Tether. The company generates most of its revenue from interest income on cash reserves backing USDC, making its earnings sensitive to interest rate changes. Analysts estimate that a 25 basis point cut by the Federal Reserve could reduce Circle's 2026 EBITDA by $100 million.
Market observers note that the IPO's strong performance has drawn attention to other potential fintech and crypto listings, with companies like Chime and Gemini reportedly preparing for public offerings. The broader market context includes ongoing legislative efforts in the U.S. Congress to regulate stablecoins and digital assets, as well as increasing institutional adoption of blockchain-based financial products.
Circle is on a mission to build a new internet financial system. One that enables money to move around the world securely, openly, and with stability you can trust.
Feel the energy of @circle’s IPO! $CRCL
What Happened Last Week in Crypto (6/1-6/8)
Circle IPO: #Circle, the issuer of the USDC Stablecoin, went public on June 5th on the New York Stock Exchange under the ticker symbol “CRCL”. Circle raised nearly $1.1 billion and shares soared 168% in one day. (1)
#Ethereum
🚀📉 Proshares and Bitwise race to ride CRCL's 266% IPO explosion with new single-stock ETFs.
• Proshares offers 2x leverage on CRCL.
• Bitwise rolls out a covered call income fund.
• CRCL hit $138.57 before settling at $113.
Circle’s IPO was a financial success—but did it come at the expense of the crypto community that helped build it?
We break down the allocation missteps, the message it sends, and what it means for alignment in crypto going forward.
📖 Read this week’s That’s Our 2 Satoshis:
