Circle (CRCL) shares recorded a price jump to a new record, following the company’s successful entry into the stock market.
Circle's Achievements on the Exchange
On June 16, Circle's stock reached $165.60, closing at $151.06, reflecting a gain of 13.10% for the day. This surge occurred just two weeks after the company went public on the New York Stock Exchange (NYSE) on June 5.
Stock Growth and Reasons
Since its debut, Circle's shares have surged by an impressive 434% from the initial price of $31. This event coincided with the increasing interest of traditional investors in crypto projects. The company’s IPO has valued it at nearly $7 billion, and CRCL stock made history with the highest gain in its first trading day.
Brief Analysis of Current Situation
According to Yahoo Finance data, Circle’s stock opened and closed at $145.88, with a daily high of $165.60 and a trading volume of $42.77 million. This price increase is linked to growing institutional interest and anticipated legislation regarding cryptocurrencies.
Despite some investors booking profits, Circle shares continue to provide substantial returns from the pre-IPO valuation. For instance, ARK Invest reportedly offloaded approximately $51.7 million from its $373 million holdings.
