Circle Is Up About 700% Since Its IPO. Should You Still Buy the Stock at a Monster Valuation?
Since going public on June 5, it's been pedal to the metal for the stablecoin issuer Circle (NYSE: CRCL), which has seen it's stock absolutely explode in just a few short weeks. The company priced shares at $31 per share, or a roughly $6.8 billion valuation.However, once hitting the open market, shares of Circle jumped to $69 and at one point topped $103 per share. As of June 24, shares of Circle had jumped to $248 or a nearly $56 billion market cap, up 700%. After such an incredible run, can you still buy the stock?Circle is the issuer of the stablecoin USDC (CRYPTO: USDC), which is the seventh largest digital asset with a $62 billion market cap. Stablecoins are digital assets pegged to a currency or commodity; USDC is pegged 1-for-1 to the U.S. dollar. Circle also has other products, like EURC, a stablecoin pegged 1-to-1 to the euro.Continue reading
Since going public on June 5, it's been pedal to the metal for the stablecoin issuer Circle (NYSE: CRCL), which has seen it's stock absolutely explode in just a few short weeks. The company priced shares at $31 per share, or a roughly $6.8 billion valuation.
However, once hitting the open market, shares of Circle jumped to $69 and at one point topped $103 per share. As of June 24, shares of Circle had jumped to $248 or a nearly $56 billion market cap, up 700%. After such an incredible run, can you still buy the stock?
Circle is the issuer of the stablecoin USDC (CRYPTO: USDC), which is the seventh largest digital asset with a $62 billion market cap. Stablecoins are digital assets pegged to a currency or commodity; USDC is pegged 1-for-1 to the U.S. dollar. Circle also has other products, like EURC, a stablecoin pegged 1-to-1 to the euro.
