Crypto Comeback: Circle's IPO and Its Impact on the Evolving Crypto Landscape

Circle's Stellar IPO Debut: A Landmark Moment for Crypto-Native Firms

In a remarkable showing, Circle, the stablecoin issuer, has debuted on the New York Stock Exchange, marking one of the strongest crypto-native listings in recent memory. The offering raised nearly $1.1 billion, positioning Circle with a closing market capitalization of $18.4 billion, solidifying its status as a leading player in the industry.

Trading under the ticker CRCL, Circle listed 34 million shares and quickly captivated investor demand. The stock opened at $69 and reached a high of $103.75 intraday, with trading halted multiple times due to volatility. By the end of the session, Circle's stock closed at $83.23, representing a remarkable 168% leap from its IPO price of $31 per share.

"If you want this to work for mainstream, it's got to work in mainstream society, and you need to have rules of the road," commented Circle CEO Jeremy Allaire on CNBC's Money Movers program.

While the broader crypto market experienced a pullback late Thursday, with Bitcoin and major altcoins declining, Circle's smash debut as a publicly traded company has been a significant milestone for the industry. The stablecoin giant's strong first-day performance stands in contrast to several high-profile listings in the sector, reflecting a more tempered investor outlook.

As the crypto industry continues to evolve, Circle's successful IPO highlights the growing maturity and acceptance of crypto-native firms within the mainstream financial landscape. This achievement paves the way for a new era of cryptocurrency adoption and integration into the traditional financial system.

Crypto Listings: A Mixed Bag of Fortunes

Circle's debut comes at a time when a growing number of crypto companies are eyeing initial public offerings, a trend that has gained traction amid the U.S. government's pro-crypto pivot under President Donald Trump.

• Coinbase, the largest U.S. crypto exchange, went public via direct listing in April 2021 with an $85 billion valuation, gaining 31% on debut before pulling back.
• Robinhood, which began offering crypto trading in 2018, went public in 2021 at a $29 billion valuation, with its crypto business contributing to its growth story.
• Multi-asset brokerage platform eToro went public via a SPAC in 2023 at a valuation of around $5 billion.
• Bitcoin rewards app Fold completed a SPAC merger in February 2025, valuing the company at approximately $224 million.

Circle's $18.4 billion valuation places it at the lower end of this range, but its 168% first-day gain stands out as the strongest among recent crypto listings, outperforming the likes of Fold, Coinbase, eToro, and Robinhood.

As the crypto industry continues to evolve and more companies seek public listings, Circle's successful debut serves as a testament to the growing maturity and acceptance of crypto-native firms within the mainstream financial landscape.