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

Circle stock surged Thursday as the stablecoin issuer began trading on the New York Stock Exchange, marking one of the strongest debuts by a crypto-native firm in recent memory. 

The offering raised nearly $1.1 billion, giving Circle a closing market capitalization of $18.4 billion, positioning it behind sector giants but ahead of smaller entrants.

Trading under the ticker CRCL, Circle listed 34 million shares and quickly attracted investor demand. The stock opened at $69 and peaked at $103.75 intraday, with trading halted multiple times during the session due to volatility.

Its stock closed at $83.23, representing a 168% leap from its IPO price of $31 per share.

“With the IPO market open for business in the US, this will have an important trickle-down effect on the entire crypto M&A and financing market,” Casper Johansen, partner and co-founder of the Spartan Group, told Decrypt. “IPOs release liquidity for early investors. This liquidity gets put back into the system via new investments and VCs raising new funds. It also gives the newly listed companies firepower to pursue M&A transactions as they now can pay both with cash and their shares.”

That, in turn, gives VCs and investors “more confidence in financing companies” as there is a path to liquidity through IPOs and M&A, Johansen added. “And this trickles all the way down to the early-stage investments too.”

Circle’s debut comes as a growing number of crypto companies eye initial public offerings, a trend that has gained traction amid the U.S.’ pro-crypto pivot under U.S. President Donald Trump. 

The stablecoin giant’s strong first-day performance stands in contrast to several high-profile listings in the sector, though its valuation reflects a more tempered investor outlook.

Coinbase, the largest U.S. crypto exchange, went public via direct listing in April 2021 with an $85 billion valuation. Shares gained 31% on debut before pulling back, and the stock has since been closely tied to broader crypto market cycles. 

Robinhood began offering crypto trading in 2018 and went public in 2021 at a $29 billion valuation. While crypto contributed to its growth story, the company remained primarily a stock and options platform, unlike crypto-native firms such as Circle or Coinbase.

Multi-asset brokerage platform eToro went public via a SPAC in 2023 at a valuation of around $5 billion, and Bitcoin rewards app Fold completed a SPAC merger in February 2025, valuing the company at approximately $224 million. Circle’s $18.4 billion valuation places it at the lower end of that range. 

First-day stock performance, however, tells a different story. 

Circle’s 168% gain was the strongest among recent crypto listings. Fold rose roughly 30% on debut, while Coinbase rose 31%, and eToro rose just 4%. Robinhood, meanwhile, fell more than 8% on its first day.

Edited by Sebastian Sinclair

Editor’s note: Adds comments from The Spartan Group CEO