USDC issuer Circle began trading on the New York Stock Exchange on Thursday, and there was no shortage of demand for the stablecoin giant’s shares.
Following a massively oversubscribed IPO that had its share count and price bumped earlier this week, the price of CRCL quickly tripled in price, surging from a starting mark of $31 per share to a peak of more than $103. Trading was halted three times earlier due to extreme volatility in the price and trading volume.
Even with the momentum slightly cooling, the closing price of $83 shows serious interest in Circle—and may bode well for future planned industry IPOs, such as crypto exchange Kraken.
“It's a recognition that this industry is going to be a very important part of the U.S. capital markets going forward,” Hashdex Head of Global Market Insights Gerry O'Shea told Decrypt. “I think we're just seeing this steady drum beat of the crypto businesses becoming more entwined, something that I think is going to continue.”
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