Key Takeaways
- Circle Internet Group shares continued to climb Friday after soaring 168% in their debut on the New York Stock Exchange yesterday.
- The stock began trading Thursday at $69 each, more than double the increased initial public offering price.
- Circle Internet Group issues USDC stablecoins, and CEO Jeremy Allaire said in an interview that investors understand the digital currency “is here to stay.”
The gains just keep on coming for Circle Internet Group (CRCL) after shares of the USDC stablecoin issuer soared on their first day of public trading yesterday.
Friday morning, shares added to their 168% jump during their debut on the New York Stock Exchange (NYSE). The stock opened Thursday at $69, more than double its initial public offering (IPO) price of $31, which was already above the $27 to $28 price at which it had planned to sell shares. The shares closed at $83.23.
Shortly after Friday’s session began, shares traded briefly above $103 and recently were at roughly $98, up 18%.
Co-founder and CEO Jeremy Allaire told Bloomberg that “the world has already woken up to the fact that stablecoin money is here to stay.”
The company already has drawn interest from well-known tech investor Cathie Wood, whose ARK Investment Management has expressed interest in purchasing up to $150 million shares of the Class A stock. Bloomberg reported that investment firm BlackRock (BLK) planned to buy 10% of the IPO shares.
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