# Circle’s IPO Triggers Multiple Trading Halts—What Are the Historical Investment Returns?

By [Emmaaer](https://paragraph.com/@-emmaaer) · 2025-06-08

circle

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On June 5, stablecoin giant Circle made its debut on the New York Stock Exchange. Its stock price surged at the opening bell, triggering multiple trading halts and becoming a market sensation, delivering substantial returns to investors. Notably, the disclosed return for its Series C funding round exceeded 90x, suggesting earlier rounds likely yielded returns surpassing 100x.

While the crypto market faced a pullback amid a heated public feud between Donald Trump and Elon Musk, Circle stole the spotlight in the capital markets. On June 5, the stablecoin titan officially listed on the NYSE, with its stock price skyrocketing upon opening, capturing market attention and rewarding investors handsomely.

**168% Surge on Debut, Multiple Trading Halts Triggered**  
Circle (ticker: CRCL) finally went public on the NYSE, marking another milestone for a core crypto company in traditional finance, following the likes of Coinbase and Robinhood. It stands as a defining moment for the stablecoin sector.

Initially, Circle planned a conservative IPO strategy, but overwhelming demand led to adjustments. The final offering price was raised to $31 per share, with the total shares issued expanded to 34 million, raising nearly $1.1 billion. The IPO was oversubscribed by 25x.

This supply-demand imbalance sparked controversy. For instance, long-time partner Arca received only $135,000 in allocated shares, far below its $10 million subscription request. Arca’s CIO, Jeff Dorman, publicly criticized Circle for prioritizing traditional financial institutions over crypto-native firms, calling it "disrespectful." He announced Arca would close its Circle accounts and switch to alternatives like USDT.

Circle’s market debut was explosive. CRCL’s price briefly soared past $100, triggering multiple trading halts due to extreme volatility. It closed at $83.23, up 168% from the IPO price, with a market cap of $18.4 billion and trading volume hitting 47.78 million shares ($4.014 billion).

This performance outpaced previous crypto IPOs. By market cap, Circle’s $18.4 billion closing valuation trailed Coinbase’s $85 billion and Robinhood’s $29 billion debuts but eclipsed eToro’s $5.4 billion and Fold’s $224 million SPAC merger. In terms of first-day gains, Circle’s 168% surge dwarfed Coinbase’s 31%, Fold’s 30%, eToro’s 4%, and Robinhood’s 8% drop.

**"Cold in Crypto, Hot in TradFi"**  
In a post celebrating the listing, Circle CEO Jeremy Allaire reflected: _"Twelve years ago, we founded this company with a bold vision—to rebuild the global economic system on internet-native principles. Our mission has always been to enhance global prosperity through frictionless value exchange. From day one, I told every employee and investor that this was a multi-decade opportunity. Today, we’re just beginning to realize that vision. Becoming a public company is a pivotal milestone, signaling the world’s readiness to transition to an internet-based financial system."_ He emphasized Circle’s commitment to trust, transparency, compliance, and strong governance, now further reinforced by NYSE and SEC oversight.

Notably, Tether CEO Paolo Ardoino cast doubt on Circle’s profitability pre-IPO, stating, _"The market isn’t convinced by their financials. I doubt they’re making money."_ He criticized Circle’s Wall Street strategy as short-sighted and hinted Tether might launch a compliant U.S. stablecoin if legislation advances, while continuing to serve emerging markets with USDT.

Tom Dunleavy, partner at Varys Capital, attributed Circle’s stellar debut to the stablecoin sector’s momentum and prior undervaluation: _"After all, you can’t buy Tether’s equity."_ Meanwhile, BitMEX co-founder Arthur Hayes predicted a shift from 2017’s ICO frenzy to 2025–2027’s IPO wave, ending with a "EOS-like mega-IPO" that attracts fiat capital but underperforms post-listing.

**$2.2B+ Raised, Triple-Digit Returns for Early Backers**  
After years of twists and turns, Circle became the first stablecoin firm to ring the NYSE bell. For its investors, the long wait and bold bets have finally paid off.

Per Crunchbase, Circle has raised over $2.2 billion across nine funding rounds (including IPO). With the IPO, estimated returns for various rounds have emerged. Below are the calculated multiples based on Circle’s current $18.4 billion market cap (excluding undisclosed rounds). Notably, the disclosed Series C return of 90x implies earlier rounds likely exceeded 100x.

*   **Series C: 91.78x**  
    April 2015: $50M raised at a $200M pre-money valuation. Investors included IDG Capital, GS Growth, and Pantera Capital. Current return: ~91.78x.
    
*   **Series D: 43.7x**  
    May 2016: $60M at a $420M valuation. Backers like IDG, Baidu Ventures, and Fenbushi Capital now see ~43.7x.
    
*   **Series E: 6.33x**  
    May 2018: $110M at a $2.9B valuation. Despite the higher entry, returns stand at ~6.33x.
    
*   **$440M PE Round (2021): 4.48x**  
    Pre-money valuation: $4.1B. Investors (Fidelity, FTX, DCG) now enjoy ~4.48x.
    
*   **$400M PE Round (2022): 2.51x**  
    Pre-money: $7.3B. Backers like BlackRock and Fidelity see modest ~2.51x returns.
    
*   **IPO: 2.96x**  
    Priced at $31/share ($6.2B valuation), late-stage investors now have ~2.96x gains.
    

Unlike Coinbase’s direct listing (which allowed early sales and heavier volatility), Circle opted for a traditional IPO, subjecting insiders to 90–180-day lock-ups unless underwriters (e.g., Goldman Sachs, JPMorgan) grant exceptions. This structured approach aims to stabilize post-IPO price action.

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_Note: All financial figures are based on disclosed data and market conditions as of the publication date._

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*Originally published on [Emmaaer](https://paragraph.com/@-emmaaer/circles-ipo-triggers-multiple-trading-halts—what-are-the-historical-investment-returns)*
