Digital investment firm Arca has sold its entire stake in Circle after publicly criticizing the stablecoin issuer’s initial public offering (IPO) process.

The IPO price is expected to be between $24 and $26 per share. Based on the higher end of the range, Circle could raise almost $250 million, while the selling stakeholders could get nearly $375 million for their stake. Cathie Wood's ARK has expressed interest in buying $150 million worth of shares from the IPO, the USDC-issuer said in a filing.

The cryptocurrency company's stock opened for trading on the NYSE at $69 apiece, valuing the stablecoin issuer at nearly $18 billion.

Circle goes public as stablecoin adoption and regulation hit a key turning point. Can $CRCL prove resilient if interest income becomes less reliable?

Circle, the issuer of the USDC stablecoin, is aiming for a fully diluted valuation of up to $7.2 billion in its upcoming initial public offering, according to a Monday filing with the Securities and Exchange Commission (SEC).

(Reuters) -Stablecoin issuer Circle Internet's shares climbed 41% to hit a record high on Friday, extending a stellar run after a blowout market debut on the New York Stock Exchange a day earlier. The New York-based company's stock touched as much as $117.