The impending New York Stock Exchange listing of Circle, the issuer of USDC stablecoin, has sparked a rally in shares of China Everbright Holdings (00165.HK), its early strategic investor. The Hong Kong-listed company saw its stock surge 11.42% to HK$6.05 on June 4, following a 15% gain the previous day, as investors positioned for potential value realization from its 2016 joint investment with IDG Capital in Circle. This marks the first major IPO in the stablecoin sector, with Circle’s public debut expected to occur on June
China Everbright Holdings’ recent outperformance reflects market expectations that Circle’s public listing could unlock significant value for its early backers. The company’s 8-year investment in Circle, made during the early stages of stablecoin development, positions it to potentially benefit from the $9 billion valuation Circle is expected to command. The dual-day rally totaling over 26% suggests strong investor interest in crypto-adjacent financial holdings, particularly those with ties to regulated stablecoin operators.
Circle’s NYSE listing represents a watershed moment for digital asset companies seeking traditional market acceptance. As China Everbright Holdings demonstrates, even peripheral exposure to this landmark event can generate substantial market interest. The development underscores how traditional financial institutions that strategically invested in blockchain infrastructure during its nascent stages may now begin realizing returns as the sector matures and enters public markets.
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