Stablecoin company Circle burst onto the public market on June 5 with a 167% increase in the value of its shares, which closed at $82 after reaching an intraday high of 235%, Bloomberg reported on Thursday.
The initial public offering, driven by BlackRock's interest in acquiring a 10% stake and ARK Invest's commitment to invest $150 million, was oversubscribed, prompting Circle to expand its offering to $1.05 billion.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
The warm reception came despite previous delays due to macroeconomic uncertainty. However, not all early backers were satisfied.
Arca's chief investment officer, Jeff Dorman, harshly criticized Circle in a since-deleted post for giving his firm a ridiculous allocation of $135,000, calling it a betrayal of his support.