Circle Internet Corp. (CRCL) shares are soaring 20.03% in pre-market trading on Friday, continuing the momentum from its blockbuster NYSE debut. The stablecoin issuer's stock has captured investor attention, reflecting growing enthusiasm for cryptocurrency-related businesses and increasing adoption of digital assets in traditional finance.

Circle's initial public offering (IPO) on Thursday was nothing short of spectacular. The company priced its IPO at $31 per share, but opened at $69 and reached as high as $103.75 before closing at $82.88, marking a staggering 167% gain from its IPO price. This robust performance valued the company at approximately $18.3 billion by the end of its first trading day.

The strong investor demand for Circle's shares stems from several factors, including the growing interest in stablecoins and the company's position as the issuer of USDC, the second-largest stablecoin by market capitalization. Circle's USDC has seen impressive growth, with its market cap increasing by over 40% since the beginning of the year, rising from $43.7 billion on Jan. 1 to $61.5 billion in June.

Adding to the bullish sentiment, Cathie Wood's ARK Invest made a significant move by purchasing nearly 4.5 million Circle shares on the first day of trading. The position, worth approximately $373 million at Thursday's closing price, was spread across three of ARK's actively managed ETFs. This substantial investment by a prominent fund manager signals strong institutional confidence in Circle's future prospects and the broader stablecoin market.