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Investing.com -- Shares of cryptocurrency-related companies, including Coinbase Global Inc (NASDAQ:COIN), Fold Holdings Inc, Riot Platforms (NASDAQ:RIOT), Marathon Digital Holdings Inc (NASDAQ:MARA), and Galaxy Digital (TSX:GLXY) Holdings Ltd, saw gains in Friday’s trading session. Coinbase Global Inc was up 2.7%, Fold Holdings Inc climbed 3.2%, Riot Platforms surged 6.2%, Marathon Digital Holdings Inc increased by 3.1%, and Galaxy Digital Holdings Ltd advanced 1.3%.
The upward movement in these stocks is attributed to the successful initial public offering (IPO) of Circle Internet Group Inc (NYSE:CRCL), a leader in the stablecoin market. Circle’s shares skyrocketed during their New York Stock Exchange debut on Thursday. The shares opened at $69 after the company priced its 34 million shares at $31 each. Momentum continued into Friday, with Circle’s stock price hitting around $99, representing an almost 190% increase since the opening.
Circle’s IPO was significant, with the company and its shareholders raising over $1.05 billion. The latest trading price values Circle at over $17.5 billion. The offering included 14.8 million shares from Circle and an additional 19.2 million from selling stockholders. The IPO was managed by J.P. Morgan, Citigroup (NYSE:C), and Goldman Sachs & Co (NYSE:GS). LLC, serving as joint lead active bookrunners.
The positive response to Circle’s IPO reflects investor confidence in the cryptocurrency sector, particularly in companies associated with stablecoins and blockchain technology. Circle is known for operating the world’s largest stablecoin network, issuing USDC and EURC through regulated affiliates. The company also provides tools for integrating stablecoins into products and operations, highlighting the growing utility and adoption of digital currencies in financial applications.
The ripple effect of Circle’s successful IPO on other cryptocurrency-related stocks underscores the interconnected nature of the sector. As Circle garners a significant valuation and raises substantial capital, it not only enhances its own prospects but also boosts sentiment around other players in the space, contributing to the uptick in their share prices.
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