A buzzy reception for crypto company Circle’s stock-market debut could give bankers hope the sleepy market for initial public offerings will warm up this summer. The stablecoin issuer and some shareholders sold 34 million shares at $31 apiece late Wednesday,

Circle has officially become a public company, listed under the ticker 'CRCL.' The CRCL stock opened at $69, up 123% from the IPO price.

Circle closed with an $18.4 billion valuation, well below Coinbase’s IPO but ahead of newer entrants like Fold and eToro.