- Circle plans to raise $624M via NYSE IPO, offering 24M shares priced at $24–$26 each.
- Polymarket raised Circle IPO approval odds to 90%, up from 70%, showing optimism.
- Circle reported $1.68B in revenue and $156M net income for 2024 ahead of its IPO filing.
Circle Internet Group Inc., the issuer of the USDC stablecoin, has moved to raise up to $624 million in a much-anticipated initial public offering (IPO) as crypto companies step up their pursuit of public markets.
The company filed with the US Securities and Exchange Commission (SEC) on Tuesday, setting the stage for one of the year’s largest digital asset IPOs. The filing reveals Circle and its shareholders will offer a total of 24 million shares, priced between $24 and $26 each, with the new listing to trade under the ticker “CRCL” on the New York Stock Exchange.
Circle IPO Details and Shareholder Strategy
The offering will include 9.6 million new shares from Circle and 14.4 million shares from existing investors. The company aims for a valuation of up to $5.65 billion. Top banks such as JPMorgan Chase, Citigroup, and Goldman Sachs are leading the offering, a sign of Wall Street’s engagement in the crypto sector.
The company’s largest stakeholders, such as Accel, Breyer Capital, and General Catalyst, have signaled continued support. Additionally, ARK Investment Management has expressed interest in purchasing up to $150 million of shares in the IPO.
The move comes after Circle confidentially filed for a public listing early in 2024, more than a year after abandoning a previous SPAC merger that would have valued it at $9 billion. Despite last year’s turbulence with the Silicon Valley Bank collapse affecting some of its reserves, Circle recovered and reported $156 million in net income on $1.68 billion in revenue for 2024.
Stablecoin Legislation and Competitive Market Dynamics
Circle’s IPO arrives as the stablecoin bill, known as the GENIUS Act, approaches final approval in Congress. The potential passage of this legislation is expected to drive more institutional investment into stablecoins. According to the company’s filing, Circle acknowledges that regulatory clarity remains a risk, as the absence of federal laws could result in its stablecoins being classified as securities.
USDC, Circle’s main product, is now the world’s second-largest stablecoin, with a value of around $60 billion in March. Competition for the company is on the rise as the stablecoin market keeps growing. Ripple has recently released a new stablecoin, and on Wall Street, a group of banks is exploring digital currency collaborations.
Related: “Bye-Bye Circle”: Arthur Hayes Warns of Wall Street’s Stablecoin Takeover
Recent data and forecasts from Citigroup estimate that the stablecoin market could grow to $1.6 trillion by 2030. Decentralized prediction platform Polymarket raised the odds of Circle’s IPO approval to 90%, up from 70% the day prior, reflecting market optimism about the listing.Circle’s IPO announcement highlights the growing intersection between the crypto sector and public capital markets. Additionally, it occurred after rumors of a possible acquisition by Coinbase or Ripple were rejected.
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