Since its IPO on June 5, Circle's stock price has surged over 500%, reaching a market capitalization of $48.4 billion on June 18. ARK Invest subscribed $150 million, and BlackRock invested $60 million. After initially buying 4.5 million shares on the first day, ARK sold some and still holds 4 million shares. There are significant differences in market valuations of CRCL: some investors continue to buy, while others, including the CEO of Airwallex, believe the valuation is too high and suggest shorting, although the cost of shorting is relatively high. Arthur Hayes pointed out that Circle, as a compliant stablecoin platform, has gained a market sentiment premium; although the valuation is high, the upward trend may continue. With traditional payment giants yet to get on board, Circle has become the only target in the current stablecoin narrative, and it is advised not to short easily.