Demand for Circle Shares Pushes IPO Valuation to $6.9B
USDC stablecoin issuer Circle Internet Group launches its IPO on the NYSE, increasing the offering to 34 million shares at $31 each and raising around $1.1 billion.
Circle Internet Group, the issuer of the USDC stablecoin, announced the pricing of its upsized initial public offering (CRCL) at $31 per share. The offering is expected to raise approximately $1.1 billion. Trading on the New York Stock Exchange is set to begin on June 5, 2025.
The IPO could value the company at $6.9 billion, or $8.1 billion on a fully diluted basis, including options and warrants. The initial terms outlined a sale of 32 million shares at $27 to $28 each, which would have raised $896 million at a $7.2 billion valuation. However, increased demand allowed Circle to boost the offering to 34 million shares and set a higher price.
Circle IPO Details
Circle offered 14.8 million Class A shares, while selling shareholders offered 19.2 million shares. Underwriters received a 5.1 million share option to cover over-allotments. The offering is expected to close on June 6, 2025, pending customary closing conditions.
- J.P. Morgan, Citigroup, and Goldman Sachs & Co. acted as lead underwriters. Barclays, Deutsche Bank Securities, and Société Générale served as joint bookrunners.
- BNY Capital Markets, Canaccord Genuity, Needham, Oppenheimer, and Santander were co-managers.
- AmeriVet Securities, Drexel Hamilton, Mischler Financial Group, and Roberts & Ryan acted as junior co-managers.
Investor Interest and Competitive Landscape
According to a recent Bloomberg report, BlackRock may acquire at least 10% of the offering, while Ark Invest is reportedly considering a purchase of up to $150 million. The institutional interest underscores Circle’s appeal among major market participants.
Circle competes with other stablecoin issuers, primarily Tether, which currently dominates the sector. USDC holds approximately one-quarter of the stablecoin market, with a market capitalization of over $61 billion, according to Coingecko at the time of publishing.
Amid intensifying competition, regulatory compliance is becoming increasingly critical. The U.S. Congress is currently advancing the GENIUS Act, which could establish unified standards for stablecoin issuers and bring greater regulatory clarity to the market. A successful IPO could strengthen Circle’s position as one of the most compliance-focused firms in the space.
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