币界网报道：Circle's stock price has soared more than 500% since its IPO on June 5, and its market value reached $48.4 billion on June 18. ARK Invest subscribed $150 million, and BlackRock invested $60 million. ARK bought 4.5 million shares on the first day and sold some of them, but still held 4 million shares. The market has obvious differences in the valuation of CRCL: some investors continue to buy, and Airwallex CEO and others believe that the valuation is too high and recommend shorting, but the cost of shorting is high. Arthur Hayes pointed out that Circle, as a compliant stablecoin platform, has obtained a market sentiment premium. Although the valuation is high, the upward trend may continue. In the absence of traditional payment giants entering the market, Circle has become the only target of the current stablecoin narrative. It is recommended not to short easily.