Circle, the issuer of the USDC stablecoin, made a bold entrance onto Wall Street this week with one of the strongest stock market debuts ever seen from a crypto-native company. The company’s initial public offering (IPO), held on the New York Stock Exchange (NYSE) under the ticker CRCL, closed with a valuation of $18.4 billion, a milestone that places it ahead of many recent entrants in the crypto space.
A Record-Breaking First Day
Circle listed 34 million shares in its IPO, priced at $31 per share. But investor enthusiasm pushed the stock far higher. Shares opened at $69, more than doubling the IPO price, and quickly soared to an intraday high of $103.75. The volatile action caused multiple trading halts throughout the day as traders piled in.
By market close, the company stock settled at $83.23, marking an impressive 168% gain from its IPO price. The offering raised nearly $1.1 billion, giving the company a major influx of capital to fuel its future growth.
This performance made Circle the best-performing debut among recent crypto-related IPOs, beating Coinbase, Fold, Robinhood, and eToro.
How Circle Stacks Up Against Other Crypto IPOs
Circle’s IPO marks a significant achievement in a market where crypto IPOs have had mixed success. While its $18.4 billion valuation falls short of industry leader Coinbase’s $85 billion valuation at its April 2021 debut, it outpaces several other players:
- eToro, the multi-asset brokerage, went public via SPAC in 2023 with a $5 billion valuation.
- Fold, the Bitcoin rewards app, completed its SPAC merger in February 2025, reaching a valuation of $224 million.
- Robinhood, which offers crypto trading alongside stocks and options, debuted in 2021 at a $29 billion valuation.
Yet when it comes to first-day stock performance, Circle clearly leads:
| Company | IPO Year | Valuation at IPO | First-Day Gain |
|---|---|---|---|
| Circle (CRCL) | 2025 | $18.4B | +168% |
| Coinbase | 2021 | $85B | +31% |
| Fold | 2025 | $224M | +30% |
| eToro | 2023 | $5B | +4% |
| Robinhood | 2021 | $29B | -8% |
A Boost for Crypto M&A and Investment Activity
According to Casper Johansen, co-founder of the Spartan Group, Circle’s IPO could have a powerful ripple effect across the broader crypto investment landscape.
“With the IPO market open for business in the U.S., this will have an important trickle-down effect on the entire crypto M&A and financing market,” Johansen told Decrypt.
The ability to go public successfully allows early investors to realize returns, which they can then reinvest into other crypto projects and venture funds. It also gives Circle the financial and stock-based leverage to pursue acquisitions and expansions.
“This gives newly listed companies firepower to pursue M&A transactions,” Johansen said. “And this trickles all the way down to the early-stage investments, too.”
Political Tailwinds for Crypto IPOs
Circle’s successful listing also arrives during a more favorable political climate for crypto in the United States. Under President Donald Trump’s pro-crypto policy pivot, many companies in the space are seeing increased regulatory clarity and investor confidence.
This shift has prompted a new wave of crypto firms to consider IPOs. Its performance could now serve as a blueprint for others looking to enter public markets.
Despite the strong showing, the company’s valuation reflects a more measured investor mindset compared to the exuberant peaks of 2021. The crypto sector has matured, and investors are now more focused on stable revenues, regulatory compliance, and business fundamentals.
Circle’s role as the issuer of USDC, one of the most widely used stablecoins in the world, gives it a unique position in the market. Unlike more speculative crypto ventures, Circle’s business is tightly integrated with fintech and institutional finance, providing revenue stability and regulatory oversight.
What Comes Next for Circle?
With its IPO proceeds and public status, Circle is now poised to:
- Expand USDC adoption globally.
- Pursue strategic acquisitions and partnerships.
- Invest in regulatory compliance and transparency.
- Compete more directly with both fintech giants and other crypto-native firms.
The road ahead will test its ability to balance innovation with regulatory expectations, especially as stablecoins draw more attention from lawmakers and central banks. But for now, its blockbuster debut signals renewed optimism for crypto companies eyeing traditional capital markets.
Conclusion
Circle’s IPO is a major milestone not just for the company but for the crypto industry as a whole. With a $1.1 billion raise, a 168% first-day surge, and a valuation of $18.4 billion, Circle has shown that strong investor appetite remains for well-structured, regulated crypto firms.
As more companies consider IPOs in the evolving crypto landscape, Circle’s success could serve as both a confidence boost and a benchmark for what’s possible when fintech and blockchain meet Wall Street.
