Stablecoin firm Circle scales record high after blockbuster NYSE listing
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Stablecoin issuer Circle Internet's shares climbed 41 per cent to hit a record high on Friday, extending a stellar run after a blowout market debut on the New York Stock Exchange a day earlier.
The New York-based company's stock touched as much as $117.45, more than triple its offer price of $31 and valuing the company at $30.5 billion on a fully diluted basis.
The blockbuster listing also reinforced expectations that the IPO market was regaining its momentum after being stifled by tariff-driven volatility.
"This is big enough that it extends beyond crypto," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
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Wall Street executives also struck an optimistic tone on Thursday at an industry conference, emphasizing that markets were ready for the right companies.
NYSE President Lynn Martin said Circle's IPO was a bellwether for the IPO market this year and not just for crypto listings.
Investors are also realizing that the uncertain environment is going to be relatively persistent and focusing on putting their dollars at work, Nasdaq CEO Adena Friedman said.
"This is the latest sign of building momentum in the IPO market. We'll likely continue to see moderate activity over the next month, but there is still some tariff uncertainty on the horizon, which is why we're expecting more of a full IPO rebound in the fall," Kennedy said.
Digital banking startup Chime is poised to go public in New York next week.
Sixth Street-backed cancer diagnostic firm Caris Life Sciences, private equity-backed debt buyer Jefferson Capital and Florida-based Slide Insurance have also joined the IPO pipeline in recent weeks.
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