Circle returns to IPO debut price

CRCL +6.57% USDC-USD +0.00%

Circle Internet Group (NASDAQ: CRCL) has come full circle.

Shares of the USDC stablecoin issuer closed at $69.72 on Nov. 19, slipping just above their $69 IPO opening price from June and marking a 77% drop from their summer peak of $298.99.

On Nov. 20, it was trading even lower. At the time of reporting, Circle was trading at $66.38, down 4.59% in the past 24 hours.

Circle's blockbuster IPO

On June 5, Circle’s shares opened about 124.19% above the $31 IPO price, beginning public trading at $69.

The stock had originally been expected to list between $50 and $52, implying a gain of more than 60% over its IPO price. Circle ultimately sold 34 million shares, priced above the initial range due to strong demand, raising $1.1 billion in the offering.

Because of that momentum, the stablecoin issuer increased the deal size from the initially planned 24 million shares. On a fully diluted basis, Circle’s valuation ranged between $6.8 billion and $8 billion.

The company began trading that day on the New York Stock Exchange under the ticker CRCL.

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Circle's USDC is a U.S. dollar-pegged stablecoin issued by Circle. Each token is designed to maintain a 1:1 value with the U.S. dollar, backed by reserves held in cash and short-term U.S. Treasury bills.

Built on multiple blockchains, including Ethereum and Solana, USDC enables fast, low-cost global payments, trading, and on-chain settlement. It is widely used across decentralized finance (DeFi), exchanges, fintech apps, and institutional payment rails because of its transparency, monthly reserve attestation,s and regulatory-aligned structure.

Circle dips to IPO levels

The decline comes despite Circle posting strong third-quarter earnings, with $740 million in revenue and $214 million in net income, both beating Wall Street estimates.

The sell-off accelerated after management warned that lower Federal Reserve rates could pressure returns on Circle’s reserve holdings, which consist primarily of short-term U.S. Treasury bills.

The company’s reserve yield dropped 96 basis points to 4.15% in the third quarter, highlighting investor concerns over shrinking interest income.

Related: Circle CEO: We're Trying to Protect Crypto From Traditional Banking

Cathie Wood buys the dip

Still, some institutional investors view the pullback as an opportunity. Cathie Wood's Ark Invest increased its exposure this week, purchasing $3.1 million in Circle shares alongside fresh buys of Coinbase and Bullish in its crypto-focused ETFs.

While Circle remains 60% below its all-time high, its fundamentals — buoyed by stablecoin adoption and new legislation — continue to anchor long-term optimism.

Related: Circle's impressive IPO debut fuels ETF mania on Wall Street

This story was originally reported by TheStreet on Nov 20, 2025, where it first appeared in the Trading News & Analysis section. Add TheStreet as a Preferred Source by clicking here.