How Circle’s IPO Stacks Up Against Other Crypto Market Debuts

Circle Stock rose on Thursday when the Stablecoin emittent began to act on the New York Stock Exchange, with one of the strongest debut of a crypto-native company in recent memory.

The offer has almost been raised $ 1.1 billionThat Circle gives a closing market capitalization of $ 18.4 billion, which positions it behind sector giants, but for smaller participants.

Trading Under the Ticker CRCL mentioned Circle 34 million shares and quickly attracted the question of investors. The share opened $ 69 and peaked at $ 103.75 Intraday, with trade stopped several times during the session because of the volatility.

The shares closed at $ 83.23, which represents a jump of 168% of his IPO price of $ 31 per share.

“With the IPO market open for business in the US, this will have an important drop-down effect on the entire crypto-fusions and takeovers and financing market,” said Casper Johansen, partner and co-founder of the Spartan Group, said Decrypt. “IPO’s release liability for early investors. This liquidity is brought back into the system via new investments and VCs that collect new funds. It also gives the newly stated companies to pursue mergers and acquisitions, because they can now pay both cash and their shares.”

That in turn gives VCs and investors “more confidence in financing companies” because there is a road to liquidity via IPOs and mergers and acquisitions, Johansen added. “And this also drips all the way to the investments at an early stage.”

Circle’s debut comes as a growing number of crypto companies in the first public offer, a trend that has received a grip in the midst of the US Pro Crypto-Pivot under US President Donald Trump.

The strong performance of the Stablecoin Giant’s strong first day is, in contrast to various high -profile offers in the sector, although its appreciation reflects a more tempered investor forecasts.

Coinbase, the largest American crypto exchange, became public via direct list in April 2021 with a rating of $ 85 billion. Shares won 31% on debut before they withdraw, and the share has since been closely linked to broader crypto market cycles.

Robinhood began to offer crypto -trade in 2018 and became public in 2021 with a rating of $ 29 billion. While Crypto contributed to its growth story, the company remained primarily a platform for stock and option, in contrast to crypto-native companies such as Circle of Coinbase.

Multi-ASCHET BROKERage Platform Etoro became public via a SPAC in 2023 with a rating of around $ 5 billion, and Bitcoin Rewards app Fold completed a Spacfusion in February 2025, which the company was appreciated at around $ 224 million. The valuation of $ 18.4 billion of Circle places it at the bottom of that range.

However, Eirst-day Stock performance tells a different story.

Circle’s 168% profit was the strongest under recent crypto reports. Folding around 30%on debut, while Coinbase rose 31%and Etoro rose by only 4%. In the meantime, Robinhood fell more than 8%on the first day.

Edited by Sebastian Sinclair

Note of the editors: adds comments from the Spartan Group CEO