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We know what we’re talking about a lot Please be honest about the circle, but… Whether you like or hate the company, it’s this week’s massive success story.
Stablecoin Issuer finally made its debut yesterday on the New York Stock Exchange, reaching $103 before closing at around $83. It’s a pretty good ride if you’ve seen it in real time, but if not, it closed with over 160% after priced at $31 on Wednesday night.
What was clear today was that retail is just as interesting as institutions (ICYMI: Bloomberg reported earlier this week that it was a 20x oversubscribe).
Speaking of the agency, Kathy Wood’s Ark has revealed that it has purchased nearly 4.5 million shares, worth more than $373 million. Ark previously said he was interested in around $150 million, according to Circle Filing.
As my colleague (and the author of the Forward Guidance Newsletter) wrote, Ben Struck wrote:
“Coinbase is Amazon for Crypto. It’s trading, derivatives, custody, stakes, and of course stubcoin,” Bitwise’s Ryan Rasmussen told Strack. “The circle currently offers pure exposure to stubcoin. I think investors want both in their portfolio.
“It’s only going to accelerate because Stablecoin laws are likely to pass this year. So they’ll crush the Circle buy button.”
However, today’s Empire Podcast was co-hosted by Jason Janowitz and Santiago Santos, and talked about not only Coin and CRCL but also Robin Hood. When Santos asked Janowitz what stock he would choose if he could only choose one, Janowitz replied that he was “Gigallon Hood at this point.”
What was probably even more surprising, at least for me – Janowitz said that if he were to replicate his equity portfolio from scratch, it would not be a circle, including Coinbase and Robinhood.
“I think we’re approaching the local top of Stubcoin’s emotions,” Janowitz explained. “I think the circle hit this IPO perfectly.”