Circle's shares opened approximately 124.19% higher than the IPO price of $31, debuting at $69.50.Initially, the shares were set to start trading somewhere between $50 and $52 — a pop of more than 60% beyond its IPO price.

The cryptocurrency company, which offers fully backed digital money for rapid global payments around the clock, priced its IPO above the expected range.

Circle Internet Group Inc.’s initial public offering is likely to price above the marketed range, after fielding orders for more than 25 times the number of shares available in the upsized deal, according to people familiar with the matter.