TLDR
- Circle stock has surged over 600% since its June 5 IPO, making it one of the most successful public debuts in recent history for a billion-dollar company
- The stablecoin issuer experienced a brief 15% pullback this week before resuming its rally with a 7% gain on Thursday
- Coinbase benefits directly from Circle’s success, receiving 50% of revenue from USDC interest and earning 100% interest on USDC held on its platform
- Coinbase is on track for a 52% monthly gain, its best performance since November and first three-month rally since late 2023
- Federal Reserve rate decisions and pending stablecoin legislation could impact both companies’ future earnings and regulatory environment
Circle Internet Group’s stock resumed its remarkable rally Thursday after a three-day pullback that saw shares drop 15%. The stablecoin issuer closed up 7% as investors returned to the crypto darling that has become Wall Street’s biggest IPO success story of 2025.
Since going public on June 5, Circle shares have rocketed more than 600% from their offering price. The company raised over $1 billion in its IPO and now carries a market valuation of $50 billion.
“If you take into account Circle’s size, the first-month performance is unprecedented,” says Matt Kennedy, senior strategist at Renaissance Capital. “Billion-dollar IPOs do not historically behave like this in the first month of trading.”
The recent pullback appears to have been temporary profit-taking after the stock’s meteoric rise. Circle surged nearly 170% on its first trading day alone, setting the stage for continued volatility as investors grapple with the company’s rapid valuation expansion.
Circle’s Business Model Drives Revenue
Circle issues USDC, one of the world’s largest stablecoins tied to the U.S. dollar. The company earns interest income on reserves backing USDC, which