Digital investment firm Arca has sold its entire stake in Circle after publicly criticizing the stablecoin issuer’s initial public offering (IPO) process.

Stablecoin issuer Circle Internet's shares more than tripled in their debut on the New York Stock Exchange on Thursday, a move expected to boost an IPO market that has struggled to regain momentum. The New York-based company's stock opened for trading at $69 apiece,

The public offering represents an “accelerant” for Circle as it seeks to establish itself at the heart of a new “internet financial system,” CFO Jeremy Fox-Geen said.

The point of a stablecoin is that it is highly predictable. These digital tokens, whose value is pegged to dollars or euros, are a bit like money in the bank, but with the virtue of being transferable without the delays that vex old-style bank customers.

Jeremy Allaire, CEO and co-founder of Circle Internet Group, the issuer of one of the world's biggest stablecoins, reacts to the price of first trade, on the day of the company's IPO, at the New York Stock Exchange (NYSE), in New York City, U.S., June 5, 2025. REUTERS/Brendan McDermid/File Photo

Gemini, a cryptocurrency exchange platform backed by the billionaire Winklevoss twins, has filed to go public on the heels of the frenzied debut by stablecoin issuer Circle Internet Group Inc.