Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
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Circle Internet Financial, the company behind the USDC stablecoin, has priced its initial public offering at $31 per share, raising $1.05b in one of the largest US listings this year.
The upsized deal, confirmed late Wednesday, will see Circle begin trading Thursday on the New York Stock Exchange under the ticker symbol CRCL.
The Boston-based firm, co-founded by CEO Jeremy Allaire in 2013, sold 34m shares in total, with 14.8m coming from the company and 19.2m from existing shareholders.
Demand was robust, with the offering reportedly more than 25 times oversubscribed by the time books closed on Tuesday. The pricing gives Circle a valuation of $6.9b based on listed shares, and around $8.1b fully diluted.
Circle Sees Strong Fundamentals as USDC Use Grows Across Payments and Trading
Circle’s debut comes as investor appetite for crypto-adjacent stocks shows renewed strength, following a year in which the company generated $1.68b in revenue and reserve income.
While net income fell to $156m from $268m the year before, the firm’s fundamentals remain strong, bolstered by the growing use of USDC in digital payments and crypto trading.
USDC is the second-largest stablecoin globally, with more than $61b in circulation as of May 29. It currently accounts for about 29% of the stablecoin market, according to CoinMarketCap.
Circle also issues a euro-backed stablecoin, EURC, and provides infrastructure and payment tools to businesses integrating digital currencies.
Circle Secures BlackRock, ARK Interest as IPO Marks Shift in Digital Asset Adoption
Major investors signaled confidence in the offering. ARK Invest showed interest in purchasing up to $150m in shares, while BlackRock is expected to acquire roughly 10% of the IPO allocation. BlackRock also manages the Circle Reserve Fund, a government money market fund holding 90% of USDC’s reserves, valued at $53.3b as of this week.
The offering marks a significant step in Circle’s long-awaited journey to the public markets. The firm previously abandoned a SPAC merger in 2022 that would have valued it at $9n. After confidentially refiling for a traditional IPO earlier this year, Circle has now succeeded in making one of the largest crypto-linked listings since Coinbase’s debut in 2021.
As regulatory clarity improves under President Donald Trump’s administration and institutional demand for digital assets accelerates, Circle’s IPO positions it at the intersection of crypto innovation and traditional finance. With Wall Street backing and a solid balance sheet, the firm enters the public markets under bright lights and high expectations.
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