Circle Aims for $600M IPO, Targeting $5.4B Valuation Amid Strong USDC Market Presence
Stablecoin issuer Circle is moving ahead with its long-anticipated initial public offering (IPO), aiming to raise approximately $600 million and secure a valuation of around $5.43 billion. The updated filing with the U.S. Securities and Exchange Commission (SEC), submitted Tuesday, outlines the company's strategy for going public on the New York Stock Exchange (NYSE) under the ticker "CRCL."
Circle plans to offer 24 million shares of its Class A common stock. Of those, 9.6 million will come directly from the company, while existing shareholders will sell the remaining 14.4 million. Underwriters have also been given a 30-day option to purchase up to 3.6 million additional shares to cover any over-allotments.
The IPO is being led by major financial institutions including JPMorgan, Citigroup, and Goldman Sachs. The expected price range is $24 to $26 per share, though the offering is still pending regulatory approval and subject to market conditions.
Based on a fully diluted share count of 217.3 million, a midpoint pricing of $25 per share would put Circle’s market valuation just north of $5.4 billion. Proceeds from the IPO are projected to be split, with Circle expected to bring in around $240 million and current shareholders gaining approximately $360 million.
The filing also noted that ARK Investment Management has expressed interest in purchasing up to $150 million worth of the stock. However, these indications of interest are not binding and could change.
This marks Circle’s second run at going public. The company previously called off a $9 billion SPAC merger in 2022 during a downturn in the crypto market. Now, with a stronger footing and growing demand for its USDC stablecoin, Circle is looking to solidify its place as a transparent and accountable public company.
Circle CEO Jeremy Allaire emphasized that this move aligns with the firm’s commitment to operational openness.
“For Circle, becoming a publicly traded corporation on the New York Stock Exchange is a continuation of our desire to operate with the greatest transparency and accountability possible,” he said.
The IPO plans come just weeks after speculation surfaced that Circle was entertaining acquisition offers from crypto heavyweights Coinbase and Ripple. Circle has firmly denied those claims, stating it is not for sale and remains focused on its long-term objectives.
Circle’s flagship product, USDC, is currently the second-largest stablecoin in the world, with a circulating supply of $62.1 billion. It trails only Tether’s USDT, which dominates the sector with $238.3 billion in supply.
As the regulatory landscape for crypto companies continues to evolve, Circle’s push to go public signals a bet on stability, credibility, and long-term growth in the digital finance ecosystem.