Wrong ‘CRCL’ Stock Up 16,689% Before Circle IPO: How and Why of It

Key Insights:

• Circle to IPO Thursday on NYSE as CRCL.
• Traders confused Corcel PLC for Circle.
• Corcel spiked 16,689% over the last 5 days on 1M-share buy.
• Circle ups IPO range to $27–28.

On Monday, June 2, 2025, traders at the London Stock Exchange opened early for trading in anticipation of Circle IPO ON June 5th.

A block of 1 million shares of Corcel PLC (ticker CRCL.L) traded at about $0.34 around 8:06 AM UK time. In context, Corcel’s prior trade had been only about $0.0117.

The sudden buy order was driven by confusion: Circle Internet (issuer of the USDC stablecoin) is set to list on the NYSE this week under the ticker CRCL, and some investors mistakenly bought Corcel, whose London ticker is also CRCL. Circle’s IPO is now expected to price on Wednesday, June 4 and begin trading on June 5, 2025.

Traders Spike Wrong CRCL Stock +16,000%

Corcel is normally a thinly traded small-cap mining stock. For perspective, its 12-month LSE trading range was roughly $0.0117 to $1.525, and its prior-day close on June 2 was about $0.38.

On the morning of the error, Corcel opened at $0.41 and stayed near that level. However, trading volume exploded. Reuters data show about 135 million shares changed hands on June 2, versus a three-month average of only 0.68 million.

That volume rise and the high $0.34 trade pushed Corcel’s five-day gain to an astonishing 16,689% as tracked by Yahoo Finance.

By market close, the stock was up roughly 5% on the day (reflecting the new level around £0.32), but its multi-day gain was monumental.

Such a jump is orders of magnitude beyond normal price moves. (For example, FINRA rules would normally nullify any trade more than 10% off the reference price for a stock under $25.)

The episode highlights Corcel’s illiquid nature: in the prior year, its stock rarely traded above $0.03, but it once spiked to $1.525 (likely during a past news event).

Circle IPO: Terms and Timeline

Circle Internet Group is on track to list on the NYSE under the symbol CRCL. The IPO filing (amended June 2) reflects a larger deal than initially planned. Key IPO details include:

According to its amended filing on June 2, Circle has increased the size of its initial public offering to 32 million Class A shares, up from an earlier plan of 24 million. Of those, 12.8 million shares will be newly issued, while the remaining 19.2 million will come from existing shareholders.

The price range for the IPO has also been revised upward. Circle now expects shares to price between $27 and $28 each, up from a previous range of $24 to $26. At the midpoint of this new range—$27.50—the company would raise approximately $880 million. A pricing at the top end of $28 would bring in close to $896 million.

At the $27.50 midpoint, Circle’s implied market capitalization stands at roughly $6.06 billion. If priced at $28 per share, the fully diluted valuation would climb to around $7.2 billion.

The Circle IPO is being led by major Wall Street banks, including JPMorgan Chase, Citigroup, and Goldman Sachs, who are serving as the lead bookrunners. Circle is expected to finalize pricing on June 4, 2025, with its shares set to begin trading on the NYSE the following day.

What to Expect?

Investor interest appears strong. Notably, Cathie Wood’s ARK Invest has indicated plans to purchase up to $150 million worth of shares in the offering.

These terms indicate robust demand. Cathie Wood’s ARK Invest has signaled interest to buy up to $150 million of the IPO, for example.

Alongside institutional interest, retail brokerages are allowing strong early demand. Trading platforms are taking orders above the published range: for instance, Robinhood reportedly accepted bids up to $33 (about 20% above the high end of $28).

Webull and Fidelity likewise permitted customers to queue orders at generous premiums. This indicates that many retail investors are eagerly positioning for Circle IPO, even before the final price is set.

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