Circle’s Meteoric IPO Surge Defies Crypto Market Expectations

Circle's stock skyrocketed from $31 to $299 in just 17 days, catapulting its market capitalization to $72 billion—a rally that left traditional finance veterans like Jim Cramer warning of overheating. The IPO opened at $69, closed at $83.23 on day one, and surged past $107.50 within 48 hours. By June 23, it peaked at $299 before settling to a $64 billion valuation.

Demand for the offering was 25x oversubscribed, a rarity in 2025's cautious climate for crypto-adjacent stocks. Circle's ascent dwarfed fintech peers: Coinbase and Robinhood took years to reach comparable valuations, while Circle achieved it in under three weeks without SPAC maneuvers or phased hype.

The frenzy underscores institutional appetite for crypto infrastructure plays, despite Cramer's June 10 caution at a $25 billion valuation. Circle's velocity now pressures regulators and rivals to recalibrate expectations for blockchain-native growth trajectories.