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Circle stunned crypto and TradFi observers alike on June 5 as its stock ripped to a day-one high of $103 within 15 minutes of its New York Stock Exchange debut. CRCL shares traded as high as $123.50 on Friday, suggesting a market capitalization of over $27B and a lofty price-to-earnings multiplier of 177, implying investors are expecting stupendous future profit growth from the firm.
Cathie Wood’s ARK Invest bought nearly 4.5M shares of CRCL on the stablecoin issuer's first day of trading, meanwhile, BlackRock (a key Circle partner and the manager of USDC stablecoin reserves) indicated it wanted to ape ~10% of the IPO.
The NYSE welcomes @circle in celebration of its IPO! For over a decade, Circle has connected traditional finance and digital assets, seeking to create a secure, always-on digital economy. $CRCL@jerallaire pic.twitter.com/YnHL34puz7
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