Circle stock surged Thursday as the stablecoin issuer began trading on the New York Stock Exchange, marking one of the strongest debuts by a crypto-native firm in recent memory.
Coinbase, the largest U.S. crypto exchange, went public via direct listing in April 2021 with an $85 billion valuation.
Shares gained 31% on debut before pulling back, and the stock has since been closely tied to broader crypto market cycles.
Robinhood began offering crypto trading in 2018 and went public in 2021 at a $29 billion valuation.
Circle’s $18.4 billion valuation places it at the lower end of that range.
As the stablecoin issuer started trading on the New York Stock Exchange on Thursday, Circle’s stock jumped, making it one of the most successful debuts by a crypto-native company in recent history.
The offering raised almost $11 billion, putting Circle ahead of smaller entrants but behind industry titans with a closing market capitalization of $18.4 billion.
Circle listed 34 million shares under the ticker CRCL and immediately drew interest from investors. Due to the stock’s volatility, trading was stopped several times during the session. It began the day at $69 and peaked at $103 and 75 intraday.
From its initial public offering (IPO) price of $31 per share, its stock jumped 168 percent to close at $83.23.
“This will have a significant ripple effect on the entire crypto MandA and financing market now that the IPO market is open for business in the US,” Casper Johansen, partner and co-founder of the Spartan Group, told Decrypt. “IPOs give early investors access to liquidity.”. Via new investments and capital raisers, this liquidity is reintroduced into the system. Additionally, since they can now pay with both cash and their shares, it gives newly listed companies the ability to pursue M&A deals. “..”.
As a result, investors and venture capitalists have “more confidence in financing companies” because IPOs and M&A provide a route to liquidity, Johansen continued. Additionally, this affects early-stage investments as well. “.”.
Circle makes its debut as more cryptocurrency businesses consider going public, a trend that has gained popularity in the U.S. S. pro-crypto shift under the U.S. A. Donald Trump, the President.
Despite its valuation reflecting a more relaxed investor outlook, the stablecoin giant’s impressive first-day performance contrasts with several high-profile listings in the industry.
One of the biggest U.S. A. cryptocurrency exchange, which was valued at $85 billion when it went public through direct listing in April 2021. After initially rising 31% before declining, shares have since been strongly correlated with larger cycles in the cryptocurrency market.
After starting cryptocurrency trading in 2018, Robinhood went public in 2021 at a valuation of $29 billion. In contrast to crypto-native companies like Circle or Coinbase, the company stuck to its core business of stock and options platforms, even though cryptocurrency played a part in its success.
Bitcoin rewards app Fold completed a SPAC merger in February 2025, valuing the business at about $224 million, while multi-asset brokerage platform eToro went public via an SPAC in 2023 at a valuation of about $5 billion. At $18.4 billion, Circle is valued at the lower end of that range.
But the performance of stocks on the first day is a different story.
Among recent cryptocurrency listings, Circle’s gain of 168 percent was the largest. Coinbase increased 31%, eToro only increased 4%, and Fold increased about 30% on launch. On its debut day, Robinhood, on the other hand, dropped more than 8%.
Sebastian Sinclair served as the editor.
