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NFT Gaming

How Circle’s IPO Stacks Up Against Other Crypto Market Debuts

by admin June 6, 2025



In brief

  • Circle stock closed at $83.23, up 168% from its $31 IPO price, after multiple trading halts due to volatility.
  • The company raised $1.1 billion by listing 34 million shares under the ticker CRCL on the NYSE.
  • Circle ended the day with a market cap of $18.4 billion, below Coinbase’s $85 billion debut but above eToro and Fold.

Circle stock surged Thursday as the stablecoin issuer began trading on the New York Stock Exchange, marking one of the strongest debuts by a crypto-native firm in recent memory. 

The offering raised nearly $1.1 billion, giving Circle a closing market capitalization of $18.4 billion, positioning it behind sector giants but ahead of smaller entrants.

Trading under the ticker CRCL, Circle listed 34 million shares and quickly attracted investor demand. The stock opened at $69 and peaked at $103.75 intraday, with trading halted multiple times during the session due to volatility.

Its stock closed at $83.23, representing a 168% leap from its IPO price of $31 per share.

“With the IPO market open for business in the US, this will have an important trickle-down effect on the entire crypto M&A and financing market,” Casper Johansen, partner and co-founder of the Spartan Group, told Decrypt. “IPOs release liquidity for early investors. This liquidity gets put back into the system via new investments and VCs raising new funds. It also gives the newly listed companies firepower to pursue M&A transactions as they now can pay both with cash and their shares.”

That, in turn, gives VCs and investors “more confidence in financing companies” as there is a path to liquidity through IPOs and M&A, Johansen added. “And this trickles all the way down to the early-stage investments too.”

Circle’s debut comes as a growing number of crypto companies eye initial public offerings, a trend that has gained traction amid the U.S.’ pro-crypto pivot under U.S. President Donald Trump. 

The stablecoin giant’s strong first-day performance stands in contrast to several high-profile listings in the sector, though its valuation reflects a more tempered investor outlook.



Coinbase, the largest U.S. crypto exchange, went public via direct listing in April 2021 with an $85 billion valuation. Shares gained 31% on debut before pulling back, and the stock has since been closely tied to broader crypto market cycles. 

Robinhood began offering crypto trading in 2018 and went public in 2021 at a $29 billion valuation. While crypto contributed to its growth story, the company remained primarily a stock and options platform, unlike crypto-native firms such as Circle or Coinbase.

Multi-asset brokerage platform eToro went public via a SPAC in 2023 at a valuation of around $5 billion, and Bitcoin rewards app Fold completed a SPAC merger in February 2025, valuing the company at approximately $224 million. Circle’s $18.4 billion valuation places it at the lower end of that range. 

First-day stock performance, however, tells a different story. 

Circle’s 168% gain was the strongest among recent crypto listings. Fold rose roughly 30% on debut, while Coinbase rose 31%, and eToro rose just 4%. Robinhood, meanwhile, fell more than 8% on its first day.

Edited by Sebastian Sinclair

Editor’s note: Adds comments from The Spartan Group CEO

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June 6, 2025 0 comments
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GameFi Guides

YGG Launches New Publishing Arm, Debuts First Game ‘LOL Land’

by admin May 23, 2025



In brief

  • Yield Guild Games has launched a new publishing division, YGG Play, focused on casual, crypto-native titles it dubs “Casual Degen” games.
  • Its first release, LOL Land, is a browser-based board game that features Pudgy Penguins community characters and offers token-based rewards.
  • The game has launched exclusively on Pudgy Penguins’ Abstract Chain and has received over 100,000 pre-registrations ahead of release, according to YGG.

After four years of watching Web3 games struggle to find their audience, Yield Guild Games decided the industry had to rethink how it matches players with the kind of games they’re actually in for: lighthearted chaos, in a “casual degen” vibe.

Instead of chasing broad mainstream adoption, the guild protocol launched YGG Play, a new game publishing unit dedicated to games that embrace the degen culture, with LOL Land, a web browser-based game explicitly designed for crypto-native players who live in the proverbial trenches.

“People play casual games on their phones while commuting, waiting in line, or taking a break,” Gabby Dizon, co-founder of YGG, told Decrypt. “They do it for fun as well as rewards like streaks, badges, or collectibles. And they happily spend a lot of real money on those games.”

Through its years of establishing a foothold with Web3 gamers by pioneering the so-called “play-to-earn” movement from 2020, YGG has learned “what’s fun, what works and what doesn’t,” leading it to develop “some very strong opinions on how to best serve the crypto market,” Dizon explained in a separate statement shared with Decrypt.

The move represents a strategic shift for YGG from investing in Web3 games to creating them directly. Rather than targeting mainstream gamers, the guild is focusing on crypto-native users who trade memecoins, mint NFTs, and engage in speculative activities.

The new game, LOL Land, features four thematic boards, including YGG City, Beach Day, Carnival, and Ice World Wonderland, which showcases Pudgy Penguins IP with playable characters based on community members like Aaron Teng and Rusk0f. 

The game offers two distinct gameplay modes. Free play provides unlimited rolls without token rewards, while premium mode requires purchasing rolls to earn points redeemable for YGG tokens from a $10 million prize pool.

The browser-based board game surpassed 100,000 pre-registrations before launching exclusively on Abstract Chain, according to YGG.

For LOL Land, players can “earn YGG tokens and [you] can use them to claim NFTs,” Dizon explained.

The game draws directly from Dizon’s experience in casual games and his experience in Web3 gaming thereafter.

“Before getting into crypto and founding YGG, I was a game developer for a little bit over 20 years,” Dizon shared with Decrypt. “I was making casual games for much of my career.”

Degens over mass market

The publishing strategy deliberately targets crypto enthusiasts rather than attempting to onboard traditional gamers. Dizon argues this approach addresses an underserved market segment larger than hardcore Web3 gaming.

“If you look at people who are trading memecoins, minting NFTs, or trading on exchanges, these are people that you can consider to be possible players under the ‘Casual Degen’ label,” Dizon said.

Asked about how he thinks Web3 games could last, Dizon, who claims to prefer playing single-player RPGs like Clair Obscur: Expedition 33, told Decrypt it’s a matter of perseverance.

“I do think that Web3 games can have a lasting impact on people,” he said. “It’s hard to make games in general. It’s even harder to make games that have new technology and figure out what the right format is for that technology, for people to use it.

Edited by Sebastian Sinclair

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May 23, 2025 0 comments
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Cherry Keyboard switches
Gaming Gear

Cherry debuts new mechanical, magnetic, and inductive switches with a whole new naming scheme to match

by admin May 21, 2025



When we talk about mechanical keyboard switches, everything refers back to Cherry. Even if you’re using a different brand’s switches, often you’ll end up explaining them in terms of Cherry’s naming scheme; “These feel like low profile reds” or similar is often pretty common jargon when describing how a board might feel. This is all about to receive a refresh as Cherry debuts its new switches, complete with some new naming schemes at this year’s Computex.

Now when you’re looking at Cherry’s keyboards there’s three distinct sets you want to keep your eyes out for. First up, you have the MK Series which feature magnetic switches for that slick feel and price action. These are touted as being super precise for gamers, giving us a different option over the standard mechanical switch that has a frictionless feel.

Then there’s the new IK series, for those who prefer the contactless feel of inductive switches with electromagnetic sensors. Cherry has booked these as the most energy efficient switch of its kind using 50% less power than regular magnetic switches and 5% less than hall effect. Thanks to that contactless nature, these shouldn’t ever really wear out and that power consumption makes them a great partner for a wireless keyboard travel setup.


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Last but never least, there’s the familiar MX. These are the mechanical switches Cherry is known for that feature in recent boards like the MX 8.2 TKL Xaga, which is quite the fancy board, indeed. The MX range is still getting a shake up though, with Cherry introducing a few new switches under the banner – The MX Honey, Blossom, and Falcon.

Honeys are set to be the quiet kid in the new MX lineup featuring Cherry’s first tactile MX switch that’s also silent. Despite the silent nature these are said to still give a great tactile feel so this is a great choice for office goers, streamers, or just people who like quiet keyboards that still feel satisfying to use. It’s me, I’m people.

The MX Blossom is set to be the ultra light feel switch. There’s some nice evocative imagery there of cherry blossom petals floating down, so I’m guessing that’s the feel Cherry is going for here. These are going to be ultra light, easy to press, and quick to respond, so are probably aiming to be the preference for typists, and gamers who like a softer touch.

Meanwhile the Falcon is the community-inspired switch, a bit like that beautiful northern lights set. This one is for gamers and keyboard users of all stripes who really want to know when that key has been pressed. I’m guessing rather like how a fish knows it’s done for when a peregrine swoops in. These are snappy and crisp, these are bound to be a clacky retro switch. This is the keyboard you bring into the office when you just don’t like your coworkers.

Keep up to date with the most important stories and the best deals, as picked by the PC Gamer team.

All these switches are set to come out in June this year. If we don’t get our hot little fingers on these bad bois at Computex, we’ll be sure to let you know how they feel as soon as we do.



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May 21, 2025 0 comments
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