On June 5, Circle, the issuer of the USDC stablecoin, made its IPO debut on the New York Stock Exchange, attracting significant investor interest.
Market Debut
Circle's shares opened at $31 and quickly surged 235% during the first hours of trading, closing the day at $82. This surge indicates a growing interest in the stablecoin business.
Support from Leading Investors
Circle's IPO was heavily oversubscribed. Major investors like BlackRock, which is looking to acquire a 10% stake, and Cathie Wood's ARK Investment, intending to buy $150 million worth of shares, showcased their interest in the offering.
Criticism of the IPO from Arca Executive
Jeff Dorman, Chief Investment Officer at Arca, criticized the Circle IPO in a now-deleted X post, stating that Arca received an inadequate allocation of shares. Dorman expressed disbelief at the treatment, highlighting Arca's support for Circle over the years. He stated, 'I cannot believe our efforts to help you grow for years culminated in you giving us a joke, throwaway allocation.'
Circle's debut on the public market marks a significant event for the cryptocurrency and stablecoin space, highlighting growing interest from institutional investors while also bringing criticism from early supporters.
