Core Insights - Circle Internet Group's shares have significantly declined, closing at $69.72 on November 19, down 77% from a summer peak of $298.99 and trading at $66.38 on November 20 [1][6]. Group 1: IPO Performance - Circle's shares opened at $69 on June 5, 124.19% above the $31 IPO price, raising $1.1 billion by selling 34 million shares due to strong demand [2][3]. - The initial expected listing price was between $50 and $52, indicating a potential gain of over 60% from the IPO price [2]. Group 2: Financial Performance - Circle reported strong third-quarter earnings with $740 million in revenue and $214 million in net income, both exceeding Wall Street estimates [6]. - The company's reserve yield fell by 96 basis points to 4.15% in the third quarter, raising concerns about diminishing interest income from its reserve holdings [6][7]. Group 3: Product Overview - Circle's USDC is a U.S. dollar-pegged stablecoin designed to maintain a 1:1 value with the U.S. dollar, backed by cash reserves and short-term U.S. Treasury bills [4]. - USDC is built on multiple blockchains, including Ethereum and Solana, facilitating fast, low-cost global payments and is widely used in decentralized finance (DeFi) and fintech applications due to its transparency and regulatory alignment [5].
Circle returns to IPO debut price