As per Bijié Wǎng, Circle's stock closed at $69.72 on November 19, slightly above its $69 IPO price in June, but down 77% from its summer high of $298.99. The USDC stablecoin issuer raised $1.1 billion in its June IPO, with shares surging 124% from the $31 offering price at opening. Despite Q3 revenue of $740 million and a $214 million net profit, both exceeding expectations, the stock continued to decline, dropping to $66.38 on November 20. Management warned that Fed rate cuts could pressure reserve yields, which fell to 4.15%. Ark Invest purchased $3.1 million worth of Circle shares, viewing the decline as a buying opportunity amid long-term optimism.
Circle's Stock Price Falls 77% from Summer High Amid Fed Rate Outlook Concerns
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