Venture capitalist Chamath Palihapitiya admired Circle Internet Group’s CRL successful Wall Street debut on Monday, suggesting it could pave the way for more cryptocurrency companies to enter public markets.
What Happened: Palihapitiya took to X to comment on the recent public listing of the stablecoin issuing company. He highlighted Circle’s potential advantage over competitors, given its “head start” and the resources it managed to raise through its IPO.
“The IPO's success also suggests that public markets are open to new listings, especially from crypto companies, and reinforces that regulatory clarity may be the decisive factor in opening both private and public markets,” the tech investor added.
The SPAC King noted that Circle built an infrastructure for stablecoin issuance and settlement ahead of regulatory and legal clarity in the U.S., and he hoped that legislation defining a framework for the space would be formalized soon.
See Also: Forget Dollars: Willy Woo Says Bitcoin Will Be Priced Against Global GDP — ‘Gold Used To Be That Money, BTC Is The Challenger’
Why It Matters: Circle, the issuer of USD Coin USDC/USD took the Wall Street by storm, with shares popping 168% from the IPO price on its debut.
Palihapitiya had previously suggested that acquiring Circle could potentially be a valuable acquisition for cryptocurrency companies like Ripple Labs or Coinbase Global Inc. COIN, given the potential value of the stablecoin market.
However, some industry experts have advised caution. Former Goldman Sachs executive Dom Kwok suggested investors wait for the lockup period to end before investing in Circle, citing potential selling by insiders and early investors.
Price Action: Shares of Circle were up 2.20% in after-hours trading after closing 7.01% higher at $115.25 during Monday’s regular trading session, according to data from Benzinga Pro. Since its debut, the stock has popped a whopping 271%.
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Photo Courtesy: Kathy Hutchins On Shutterstock.com
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