Circle Internet Group stock spikes 235% on IPO debut

• CRCL surges over 230% on IPO, hitting $103.75 per share.
• Circle Internet Group issues the popular USDC stablecoin pegged to the US Dollar.
• CRCL debuted by selling 34 million shares to institutional investors for $31 each.

Update: Circle Internet Group (CRCL) stock rocketed up 235% off its IPO price on Thursday afternoon after its debut opened at 12:38 EST. The CRCL shares were set to debut at $31 per share but quickly shot up to $103.75 in the first few minutes on the New York Stock Exchange.

CRCL 1-minute chart

Circle is the issuer of USD Coin (USDC), the second-largest stablecoin in the crypto industry by market cap. The circulating supply of USDC is $61.48 billion at the time of writing, close to the market cap of Claude AI maker Anthropic during its latest funding round.

USDC is pegged to the value of the US Dollar. The stablecoin issuer and certain backers raised $1.1 billion in the IPO, selling 34 million shares for $31 each.