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

The successful debuts of Circle and CoreWeave could lead to more unicorns going public. Keep an eye on fintech Chime and defense firm Voyager.

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

While Wall Street insiders enjoyed a first day "pop," it appears Circle could have pocketed much more from its debut.

The cryptocurrency company's stock opened for trading on the NYSE at $69 apiece, valuing the stablecoin issuer at nearly $18 billion.

What exactly does Circle do, and why did it decide to move its headquarters from downtown Boston to lower Manhattan late last year? Here are six things to understand about the company, which manages a "stablecoin" called USDC.

Circle, the issuer of the USDC stablecoin, is aiming for a fully diluted valuation of up to $7.2 billion in its upcoming initial public offering, according to a Monday filing with the Securities and Exchange Commission (SEC).