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Highlights
- Ark Invest buys 4.5 million shares of Circle, worth a $373.4 million.
- The massive investment comes on Circle's IPO on the NYSE.
- The Circle stock rose 200%, reaching a peak of over $96, on its first trading day.
Cathie Wood’s ARK Invest has poured $373.4 million into Circle during the stablecoin issuer’s debut on the New York Stock Exchange. With this bold move, Wood’s investment giant has acquired 4,486,560 shares across its Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF) funds.
Ark Invest’s $373 Million Investment Fuels Circle’s Growth Ambitions
In a bold move, ARK Invest purchased nearly 4.5 million shares of Circle (CRCL), worth a staggering $373.4 million, as the USDC issuer’s initial public offering (IPO) went live on the NYSE. The asset manager added the stablecoin issuer to its portfolio of crypto-exposed companies, joining existing holdings like Coinbase (COIN), Robinhood (HOOD), and Block.
Last day, CoinGape reported Circle’s official beginning as a public company with a vision to enable “frictionless value exchange” through its products like USDC and Circle Payments. Company CEO Jeremy Allaire stated, “Our transformation into being a public company is a significant and powerful milestone — the world is ready to start upgrading and moving to the internet financial system.”
While the Circle stock opened at $69, up 123% from the IPO price, it skyrocketed nearly 200%, reaching a peak of over $96 on its first trading day. Under the ticker CRCL, the stock closed at $83.23, representing a 168.5% gain from its $31 IPO price. This dramatic surge followed an upsized initial public offering that demonstrated robust investor demand.
From Challenges to Success: Circle’s IPO Journey
Notably, Circle’s path to IPO was marked by two initial attempts: a 2021 SPAC merger and a confidential S-1 filing in 2024. While Circle initially filed its IPO prospectus with the SEC in April, President Donald Trump’s tariff plans raised concerns over possible market disruptions. These efforts were followed by rumors surrounding Ripple or Coinbase’s acquisition of the USDC issuer, which billionaire Chamath Palihapitiya views as ‘a steal deal.‘
Despite these challenges, the company has successfully completed its public offering with the shares reaching remarkable highs. Allaire expressed gratitude to the community for their support throughout the journey. He noted,
To every single person, project and firm who’s been part of this journey, thank you. I am humbled and deeply grateful. This is not only a moment for each of us personally, I believe it’s a significant moment in the future development of our global economic system as it inexorably synthesizes with the internet.
This appreciable development will likely be closely watched by other crypto companies, such as Kraken and Animoca Brands, which are planning their own public offerings.
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