Kicking off at $31 per share on June 5, CRCL has been snapped up with intense interest ever since. By the close of Friday, June 20, the stock had racked up ten trading days on Wall Street, soaring 674% against the U.S. dollar. It’s easily been the top-performing crypto-related stock over the past two weeks, maintaining its momentum despite the ongoing geopolitical ripples and macroeconomic noise swirling across global markets.

On X, venture capitalist and entrepreneur Chamath Palihapitiya weighed in on CRCL’s meteoric rise. “This was what I was hoping to fix with SPACs,” he posted. “You may not like SPAC founder promotes or other forms of value transfer to intermediaries but you can never claim it wasn’t disclosed. The Circle IPO, and ALL traditional IPOs, are the opposite. Value is transferred to randoms and it makes no sense,” Palihapitiya added.

A SPAC, short for Special Purpose Acquisition Company, is essentially a blank-check firm that trades publicly and exists for one mission: to gather funds via an initial public offering (IPO) in order to buy or merge with a private business. Unlike standard companies with day-to-day operations, a SPAC doesn’t run any business or hold real assets—it launches with nothing more than investor capital raised during its IPO debut.

Palihapitiya claims Circle had no choice but to offload 14.4 million shares at $31 apiece, netting $446 million—only to watch those same shares balloon to $3.456 billion in short order. In his view, this $3 billion windfall didn’t go to the company’s team or backers but was instead funneled into the pockets of investment banks’ favorite clients. He draws a clear line between this and SPACs or direct listings, which, he argues, come with terms that are openly laid out and can be tailored to benefit both buyers and sellers.

Palihapitiya continued:

And the media acts along by writing headlines to tell you how a ‘first day pop’ is a good sign. It’s not. It means the deal was mispriced and banks were able to reward their best customers completely unrelated to the company in question with free stock.

A user replied to Palihapitiya’s post on X, saying, “Both IPOs and SPACs are at least better than staying private forever though.” Palihapitiya responded with a simple agreement, calling it “also true.” While it’s a different kind of beast, Coinbase Global, Inc. (COIN) followed a notably different path by opting for a direct listing rather than the traditional IPO route.

When COIN hit the market, Nasdaq pegged a reference price of $250 per share—but public trading kicked off well above that, with charts showing an opening price north of $340. Fast forward two weeks to April 29, 2021, and the stock closed at $294.53. In contrast to CRCL’s explosive debut, COIN slipped 13.37% over the same span.

While Coinbase operates as a crypto exchange, Circle plays a heavyweight role in the stablecoin world—and now, Wall Street’s getting its first taste of that space through Circle’s debut, setting it apart as a different beast entirely. That said, Coinbase isn’t left out of the equation—it shares a special alliance with Circle through USDC, and when one wins, the other doesn’t trail far behind.

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