Last week, a company that most people outside of the crypto field hadn’t heard of became the toast of Wall Street.
Circle Internet Group (CRCL) , typically referred to as Circle, is a peer-to-peer digital payments company, but it’s best known for issuing the Stabecoin, a digital asset whose value is pegged to the U.S. dollar. The newly minted stock began trading on the New York Stock Exchange on June 5, quickly catching the attention of many investors.
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The market hasn’t seen too many tech initial public offerings (IPOs) so far this year, with the exception of artificial intelligence (AI) and cloud computing startup CoreWeave (CRWV) , which began trading in March. The new stock has enjoyed significant growth and has remained in the spotlight as the year’s top tech IPO.
Now it has a competitor, in the form of a popular fintech platform operating in a fairly niche market.
Digital payments company Circle made a smash as it began trading on the New York Stock Exchange.
Image source: Bloomberg/Getty Images
Circle Internet Group joins the NYSE with a smashing debut
The new CRCL stock didn’t take very long to start surging after markets opened on June 5. It quickly began trending upward, and by the end of the trading day, it had skyrocketed 168%, raising almost $1.1 billion as part of its IPO.
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Shares kept surging on the following day, and the new standout fintech stock closed out trading up almost 30%, trading at more than $107 per share after opening at $69 during its debut. Given the expected range for the week of $27-$28, this performance is highly encouraging as investors hunt for the next breakout tech stock.
As a stablecoin issuer, Circle is considered a pure-play crypto stock, putting it in the same category as companies such as Riot Blockchain and MARA Holdings, both of which have risen significantly over the past month. The Trump administration’s pro-crypto stance has put these names in the spotlight as some investors turn more bullish.
Circle issues stablecoins, a certain type of digital asset created to make it more practical for investors to transact with crypto. As a report from Fidelity summarizes:
“Stablecoin advocates believe these cryptocurrencies are critical for bridging ‘real-world’ assets like fiat currencies with digital assets on the blockchain. Others are skeptical, noting that they’ve played major roles in the collapse of several cryptocurrencies and crypto institutions.”
It’s true stablecoins carry risk that may make some investors nervous. But the success of the Circle IPO suggests that sentiment toward them is shifting in a positive direction. More than that, it indicates that Wall Street may be starting to regard Stablecoins more seriously.
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“Circle’s IPO is a major milestone, not just for stablecoins, but it also demonstrates that crypto firms can operate transparently and compliantly in U.S. markets,” states OKX CEO Roshan Robert. “It shows the public markets are open to digital asset businesses, but also tests whether they are truly ready to meet investor and regulatory expectations. IPO readiness is no longer theoretical for crypto-native companies; it’s strategic.”
Is the tech market turning a new corner?
In 2024, few tech companies opted to go public, leading investors to question the future of the industry. As 2025 began, several high-growth tech startups considered public debuts, but so far, the only member of that group to start trading is CoreWeave.
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Circle’s trading debut smash marks a significant development for the industry, as it may help usher in a new wave of tech IPOs, exactly what investors are hoping for. As there still aren’t many pre-play crypto stocks, the company may have an opportunity to dominate the space.
CEO Jeremy Allaire recently addressed Circle’s future on CNBC’s Money Movers, highlighting what he believes sets his company apart from others in the space and where its advantages may lie.
“To realize our vision, we needed to forge relationships with governments, we needed to work with policymakers,” he says. “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.”
Related: Billionaire fund manager, skeptical of AI, backs shocking stock
