Trading pauses under the exchange’s limit-up/limit-down mechanism punctuated the opening session as the price surged up.
As of press time, CRCL was trading at $83.98, up over 150% from its initial market price.
Banks such as JPMorgan Chase, Citigroup, and Goldman Sachs priced the stock $3 above the final range of $27 to $28, set earlier in the week.
The initial trade at $31 implied a $21 billion market value based on listed shares and approximately $26 billion on a fully diluted basis, which includes options, restricted units, and warrants.
As a result, the $103.75 price briefly made CRCL’s market cap surpass $70 billion.
“Get ready for an onslaught of crypto IPOs.”
“If you stay focused, play long-term, and build real value, this is where you could end up. In the end, fundamentals win. Real revenue wins. Fundamental season is officially on.”
