Circle and its backers raised $1.05 billion in a major initial public offering.
• The cryptocurrency industry expands its momentum as the United States embraces digital assets.
June 5 (Reuters) - Circle Internet (CRCL.N), the issuer of the stablecoin, opened a new tab, saw Apple's shares rise more than threefold in their debut on the New York Stock Exchange on Thursday, revitalizing the IPO market that struggled to regain momentum.
The New York-based company's stock opened for trading at $69 per share, valuing the stablecoin issuer at approximately $18 billion on a fully diluted basis.
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The stock surged to as much as $103.75, and trading was halted several times due to volatility amid frenzied trading. Its last trading price was $94.87.
It is likely that the success of the initial public offering will encourage other ambitious cryptocurrency companies to go public, looking towards the public markets. Increased interest in digital assets is expected to stimulate further listings in this sector, amid rising token prices and supportive regulatory developments.
Matt Kennedy, senior strategist at Renaissance Capital, a firm that provides research focused on IPOs and ETFs, said: 'The more cryptocurrency companies go public, the easier it becomes for future cryptocurrency companies.'
