The USDC issuer circle surged on the third day of trading and climbed a record high of $138.57 Monday morning amid a wave of ongoing institutional and retail enthusiasm.
After pricing the IPO at $31 per share, the stock that debuted on Thursday has more than four times its value, bringing an increase of about 347% from its offer price to peak on Monday. CRCL has cooled to $116.20 at the time of writing, but has increased by 8% that day.
Investors have already moved 37 million CRCL shares on Monday. This means it could surpass the 60.7 million shares traded during Friday’s session.
Japanese financial services company SBI Holdings confirmed on Monday it has invested $50 million in the newly released Stablecoin issuer. ” amidst strong demand from many institutional investors and others, the SBI Group has secured one of the largest allocations of circle share,” the company wrote in a press release.
And on the first day of the circle, Kathy Wood’s Ark reduced positions in Robinhood, Coinbase and Block and purchased 4.48 million shares in CRCL. Currently, the company’s flagship Ark Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF hold a combination of 4,431,862 CRCL shares.
Assuming ARK comes in at an IPO price of $31, the company could be sitting on an unrealized profit of over $524 million, or more than 281%.
There are signs of intense institutional interest. Fund Manager ProShare filed on Friday to provide the Ultra CRCL ETF. The fund will be leveraged play. So, according to the goal us, the purpose is to double the stocks seen by the stock on a particular day.
Meanwhile, the Bitwise CRCL option’s revenue strategy ETF is set to be a cover call style ETF. This means that fund managers generate income for investors by selling call options for CRCL stocks.
It is worth noting that almost every revenue from the circle makes almost every revenue from interest earned in the cash used to support Stubcoin. So, crypto investors are otherwise very happy to see it because it triggers reallocation to digital assets, but it’s bad for the revenue of USDC issuers.
Currently, 53% of investors believe the Federal Open Market Committee can announce a rate cut of 25 basis points following its September 17 meeting, according to the CME FedWatch tool.
Fundstrat analyst Sean Farrell estimated last week that 25 basis points cut interest rates could cut circles’ 2026 EBITDA by $100 million.
I’ve received a lot of questions about CRCL. That makes sense given that it is the most important crypto IPO since the coin. Below is an excerpt from a report I sent to my client this week. The TLDR was basically. The company has challenging economics, but the mid-curve is…
– Sean Farrell (@seanmfarrell) June 7, 2025
“The circle will operate at verticals, which is expected to grow exponentially over the next decade, but that is not a market leader and has no control over distribution,” he added. “In a world where interest rates are falling, profits are being damaged, and interest rates are being damaged. In a world where interest rates drop while stable adoptions are rising, investors may be better off that liquid crypto assets and stocks are directly related to crypto prices.”
Edited by Andrew Hayward
