Circle’s 167% first-day pop on the NYSE underscores surging mainstream interest in stablecoins—but also reveals cracks in crypto’s “community-first” ethos.
Shares (CRCL) peaked at 235% before settling at $82, buoyed by BlackRock and ARK Invest’s participation. Yet early backer Arca felt sidelined, with CIO Jeff Dorman calling its $135K allocation a “betrayal” in a fiery, since-deleted post.
The disconnect highlights a maturation phase: as crypto companies go public, balancing Wall Street’s demands with loyalists’ expectations may prove tricky.
