Stablecoin Heavyweight Circle’s Stock Surges 168% In Blockbuster Trading Debut — Retail Dubs It ‘Better Than Bitcoin’

Circle Internet Group (CRCL) stock gained 168% on the first day of trading at the New York Stock Exchange on Thursday, in one of the strongest market debuts in years.

The stock opened at $69 per share, more than double the upsized initial public offering price (IPO) of $31.

The stock reached a high of $103.75 per share before closing at $83.23, following several trading halts prompted by volatility.

The closing price gave it a valuation of over $18 billion, considering its outstanding shares revealed in a filing.

“The world has already woken up to the fact that stablecoin money is here to stay,” Jeremy Allaire, Circle CEO and co-founder, said to Bloomberg News.

The company had raised $1.05 billion in an upsized offering, selling 32 million shares, an increase from the initially proposed 24 million shares due to strong demand.

Cathie Wood’s tech-focused Ark Investment Management reportedly scooped up 4.5 million shares of common stock, according to TheFly.

Circle issues the stablecoins USDC and EURC, whose prices are tied to the U.S. dollar and the euro, respectively. Several institutional investors are investing in stablecoins as a gateway to the digital currency market.

Congress is considering legislation to regulate the stablecoin market, which could further help the company persuade crypto skeptics. Last month, The Wall Street Journal reported that several major banks were exploring the possibility of jointly launching a stablecoin.

Retail sentiment on Stocktwits was in the ‘extremely bullish’ (99/100) territory, while retail chatter was ‘extremely high.’

“Let's face it, this stock isn't tied to the company earnings. It's tied to the potential for what it's doing and growth,” one user said.

Another user suggested that buying shares of a company that produces the most widely used Stablecoin, USDC, is better than buying Bitcoin.

According to company filings, Circle’s USDC had approximately 29% of the stablecoin market share as of the end of March.

Circle stock also witnessed a 236% increase in retail follower count on Thursday.

Also See: BlackRock Stock In Spotlight As Investment Manager Plans Fresh Job Cuts: Retail's Bearish

For updates and corrections, email newsroom[at]stocktwits[dot]com.