Wall Street celebrates Circle’s explosive IPO as digital currencies make a roaring comeback
After a volatile slump early this year, the cryptocurrency market is surging back with remarkable force—headlined by the dramatic public debut of stablecoin issuer Circle Internet Group. The company’s initial public offering (IPO) last Thursday ignited a fresh wave of investor enthusiasm, catapulting Circle’s stock up by 170% on day one and closing the week with a staggering 247% two-day gain.
Jeremy Allaire, Circle’s cofounder and CEO, marked the milestone at the New York Stock Exchange, ringing the opening bell to signal what many view as a turning point for the digital asset industry.
“We’re engaged in building the new internet financial system, one that is more accessible and reduces cost and frictions,” said Circle CFO Jeremy Fox-Geen. “We’re only just getting started. These are very early days.”
With Circle’s market cap nearing $20 billion, investor optimism is palpable, and Bitcoin’s price—now hovering above $100,000—has returned to near-record highs. Retail investors are flooding in, buoyed by the rise of crypto ETFs from giants like iShares and Fidelity. Coinbase Global’s recent addition to the S&P 500 underscores crypto’s deepening roots in mainstream finance.
“The more adoption of Bitcoin there is in corporate treasuries, the higher the price goes. I can do the supply and demand in my head,” said David Waddell, CEO of Waddell & Associates. “It’s like religion being adopted.”
Support from Washington has added further momentum. President Donald Trump, through his Trump Media & Technology Group, is spearheading pro-crypto initiatives such as the Truth Social Bitcoin ETF. His family’s involvement in World Liberty Financial and American Bitcoin signals a broader political embrace of digital assets.
“It’s both a catalyst and a conflict,” said Dan Weiskopf, senior portfolio manager at Subversive ETFs. His firm’s Unusual Whales Subversive Republican Trading ETF holds assets like the iShares Bitcoin Trust and MicroStrategy.
Despite the bullish trend, analysts advise caution. “How do you value Bitcoin? It’s been so volatile,” warned Tony Roth, CIO of Wilmington Trust. “I’m not opposed to putting your toe in the water. But it’s purely a speculative capital-appreciation play.”
Bitwise Asset Management’s Matt Hougan sees the recent dip as merely a bump. “Traditional institutional investors, hedge funds, and family offices have never been anything but bullish. This pullback was just a hiccup,” he said.
Hougan estimates that cryptocurrencies, currently valued at around $3.3 trillion globally, still have massive upside. “Bitcoin isn’t going away. We’ve crossed that Rubicon,” added John Darsie of SkyBridge Capital. “It’s an asset that is here to stay.”
Younger generations may be accelerating this adoption. “Bitcoin is the millennial asset,” noted Fold Holdings CEO Will Reeves. “This segment is just coming into their financial prime.”
Stablecoins, including Circle’s USDC and rival Tether’s USDT, are also gaining traction. With their values pegged to the U.S. dollar, these digital currencies offer a more stable option for remittances and real-time payments.
Circle’s success follows a trend of crypto firms heading to Wall Street, including eToro and Galaxy Digital. “We expect a lot more companies to go public in crypto because Gary Gensler and his regime is gone,” said Kevin Lehtiniitty, CEO of Borderless.xyz.
Still, the current rally raises eyebrows. Some question whether today’s high-flying crypto firms will stand the test of time, likening the moment to the dotcom era’s early exuberance.
That’s why ETFs may offer a safer entry point. “The ETFs are very important. Not everyone can be a crypto bro,” said James Gernetzke, CFO of Exodus Movement.
As the market matures, cautious optimism may be the best strategy—an approach that balances the thrill of fast growth with the wisdom of tempered risk.
