Circles Stock Soars 48% Post-IPO, Signaling Strong Recovery for the IPO Market

The shares of Circle Internet, the issuer of stablecoins, surged by 48 percent on Friday, continuing an impressive trajectory following their exceptional market introduction on the New York Stock Exchange the previous day.

Based in New York, Circle’s stock reached a peak of $123.49 (approximately Rs. 10,566), almost four times its initial offering price of $31 (around Rs. 2,650), resulting in a valuation of $32.1 billion (about Rs. 2,74,676 crore) on a fully diluted basis.

This remarkable listing has further fueled optimism that the IPO market is beginning to regain its vitality after being hindered by tariff-related fluctuations.

«This is significant enough to transcend crypto,» remarked Matt Kennedy, senior strategist at Renaissance Capital, a company specializing in IPO-related research and ETFs.

«This is a further indication of the growing momentum in the IPO sector. We are likely to witness moderate activity in the upcoming month, but there remains some uncertainty regarding tariffs, which leads us to anticipate a more comprehensive IPO recovery in the fall.»

Wall Street leaders also expressed a positive outlook on Thursday during an industry conference, highlighting that the markets are prepared for the right companies.

NYSE President Lynn Martin indicated that Circle’s IPO serves as a benchmark for the IPO market this year, extending beyond just crypto listings.

Investors are beginning to acknowledge that the uncertain landscape is likely to persist, focusing on productively employing their capital, according to Nasdaq CEO Adena Friedman.

«The successful launches we have observed in recent weeks mainly come from companies with limited exposure to international supply chain challenges,» stated IPOX research analyst Lukas Muehlbauer.

Muehlbauer noted that it would not be unexpected for the pipeline to remain active in the coming months, particularly for firms in areas insulated from tariff instability, such as AI, defense, or fintech.

Digital banking firm Chime is set to go public next week, and recently, the cancer diagnostic company Caris Life Sciences, backed by Sixth Street, has also entered the IPO pipeline.

© Thomson Reuters 2025

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