In April, Bloomberg reported that Ripple had made an acquisition offer for Circle valued between $4 billion and $5 billion, which was reportedly rejected as undervalued. Ripple CEO Brad Garlinghouse later disputed the report in a conversation with Georgetown Law professor Chris Brummer.

Circle started trading publicly on the New York Stock Exchange Thursday under the ticker CRCL, pricing its initial public offering at $31 per share. The company sold 34 million shares, raising $1.05 billion,

Circle’s stock price soared alongside its IPO, capturing Wall Street’s growing embrace of digital dollars for years to come, analysts say.