Stablecoin Giant Circle Raises $1.1B in IPO, Valued at $6.9B Ahead of NYSE Debut

In brief

Circle and its shareholders sold 34 million shares, raising $1.1 billion in an upsized offering.
The deal values the firm at $6.9 billion on an outstanding share basis, and $8.1 billion fully diluted.
The listing comes as U.S. lawmakers advance stablecoin regulation.

Circle has priced its initial public offering at $31 per share, raising approximately $1.1 billion in an upsized deal that exceeded both initial size and guidance.

The offering values the stablecoin issuer at $6.9 billion based on outstanding shares, with a fully diluted valuation of $8.1 billion including options and warrants.

The company and selling shareholders sold a total of 34 million shares, up from 32 million as of Monday. Circle initially aimed to sell 24 million shares at $24 to $26.

A surge in demand pushed the range up to $27–$28 earlier this week, before pricing topped it late on Wednesday.

Shares will begin trading on Thursday on the New York Stock Exchange under the ticker CRCL.

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USDC, Circle’s flagship product, currently accounts for about 24.5% of the stablecoin market with $61.5 billion in circulation, according to CoinGecko data.

BlackRock, which manages the $53.3 billion reserve fund backing USDC, is expected to acquire 10% of IPO shares, according to sources cited by Bloomberg.

ARK Invest also expressed interest in purchasing up to $150 million worth of shares.

Circle reported $156 million in net income on $1.68 billion in revenue for 2024, a decline from $268 million in net income the prior year, according to its April S-1 filing.

The listing comes as Congress advances legislation to regulate stablecoins, with final passage expected sometime in August.

Circle, which received a New York BitLicense in 2015, is widely seen as one of the most compliance-forward players in the space.

This story is developing and will be updated once trading begins.