Shares of Circle Internet Group soared 168% on Thursday after the stablecoin company and its selling shareholders raised almost $1.1 billion in an initial public offering.
The stock opened at $69 on the New York Stock Exchange after its IPO priced at $31. At one point, shares traded as high as $103.75.
The New York-based company priced its IPO late Wednesday far above this week’s expected range of $27 to $28, and an initial range last week of between $24 and $26, valuing the company at some $6.8 billion before trading began.
Trading volume by the end of the session was about 46 million, far exceeding the number of freely floating shares available for trading.