Circle’s Explosive Listing Reawakens Old Fears, Sends Veteran Crypto Traders Running for the Exit

Circle’s IPO Sparks Market Excitement, Drawing Comparisons to Coinbase’s 2021 Launch

Coinbase’s April 2021 public offering coincided with one of Bitcoin’s most notable price peaks, setting a high bar for the crypto industry.

Fast forward to June 5, 2025, Circle (NYSE: CRCL) made a striking entrance on the New York Stock Exchange, with its shares surging to more than triple the initial $31 IPO price. The listing marks the culmination of a lengthy journey for the USDC stablecoin issuer, which had been planning its public debut for several years.

This sharp rise in Circle’s stock price has stirred speculation about whether the crypto market is entering a similar period of excitement and rapid growth reminiscent of 2021.