The Stablecoin Issuer Circle made a strong entry into the public market on June 5, with its shares up 167% in its first trading session at the New York Stock Exchange (NYSE).
Under the CRCL ticker, Circle shares opened to $ 31, which dropped 235% in the first hours of negotiations before closing $ 82 by the end of the day. The company’s performance indicates a growing appetite in the market for Stablecoin businesses.
Oversubscribe twisted with some significant tailwind. On May 28, the world’s largest manager, blackrock, revealed that it was looking at a 10% stake Sa Ipo. Cathie Wood’s Ark investment has been reportedly interested in buying a $ 150 million worth of offering.
The circle demand led To boost its offer In a market range of $ 1.05 billion, with 34 million shares available to investors.
The circle is behind the dollar-pegged stablecoin USDC (USDC). The company has been working on the offer In recent months, but eventually Delayed plans citing macroeconomic uncertainty caused by the ongoing trade war.
Related: USDC Issuer Circle Debuts Public Trading on New York Stock Exchange
ARCA Executive criticizes Circle IPO
In a now deleted X Post, ARCA Chief Investment Officer Jeff Dorman trash the circle On June 5, the company was criticized just because the ARCA granted a $ 135,000 allocation to the initial public offer.
According to Dorman, the ARCA was one of the first supporters of the circle. “Most of us are together and help each other,” the letter read, added:
“I can’t believe our efforts to help you grow for many years that ended with you giving us a joke, throw away allocation. You are the first and only crypto company that ever treats the Arca this way.”
“Most of the ARCA management team left Wall Street eight years ago to start a crypto company-natively staying specifically away from Tradfi’s clowns like you,” Dorman continued. “Ironically, you went all over the circle.”
Legal Panel: Crypto wants to overthrow banks, now it becomes them in the stablecoin fight
