Circle Internet Group, the issuer of one of the largest stablecoins globally, has set the price for its initial public offering (IPO) at $31 per share, exceeding the anticipated range of $27 to $28, resulting in a total market valuation of $6.8 billion. Based in New York, Circle, along with its founder and initial investors, is poised to raise $1.05 billion through the sale of 34 million shares. Demonstrating significant demand for its stock, Circle increased the share count from 32 million after the market closed on Wednesday. Initially, the company aimed to collect $624 million by selling 24 million shares priced between $24 and $26.
To facilitate the offering, Circle has provided its underwriters, including prominent firms like JPMorgan, Citigroup, and Goldman Sachs, with a 30-day option to sell an additional 5.1 million shares. Following the IPO, Circle’s stock will be available on the New York Stock Exchange under the ticker symbol CRCL. Notably, Cathie Wood’s ARK Investment Management has shown interest in acquiring up to $150 million worth of shares, as disclosed in a filing with the Securities and Exchange Commission.
As one of the pioneering entities in the cryptocurrency sector, Circle is the issuer of USD Coin, commonly known as USDC. This stablecoin ranks as the second largest globally, holding a 27% market share, trailing only Tether’s USDT, which commands a significant 67% of the stablecoin market share. Circle was headquartered in Boston until early this year and reported a net income of $156 million in 2024, generated from $1.68 billion in revenue and reserve income. This marks a decrease from the previous year’s net income of $268 million, which came from $1.45 billion in revenue.
The technology IPO market has recently shown signs of revival after a prolonged stagnation that began in early 2022. Investors are closely monitoring new offerings as indicators of market readiness for additional listings. In March, brokerage platform eToro filed for a public offering this year, joining other companies like Klarna and Stubhub. Initially, it appeared that IPOs would benefit from the potential return of President Trump to the White House. However, all three firms ultimately decided to postpone their IPO plans due to subsequent developments in tariff regulations that unsettled capital markets. Since its launch last month, eToro’s stock has surged by 25%, while shares of artificial intelligence infrastructure company CoreWeave have seen more than a twofold increase since going public in March.
Circle is set to become one of the most significant crypto-focused companies to list in the United States. Unlike firms such as eToro, Robinhood, Block, or Strategy, Circle’s entire business model revolves around stablecoins—cryptocurrencies pegged to other assets, typically the U.S. dollar. These tokens are designed to offer the stability of conventional currencies within blockchain networks, which have gained traction among global financial institutions for their speed and efficiency in money transfers. Stablecoins are often viewed as a game-changing innovation in the cryptocurrency space. Traditionally, their primary use was in trading; however, companies outside the typical crypto landscape are now exploring what JMP Citizens refers to as a potential post-regulatory land grab, which could lead to unprecedented growth, projecting a market value of $3 trillion within the next five years.
This year has seen explosive momentum for stablecoins, fueled by renewed interest from banks and payment companies as the Trump administration rolls back stringent crypto policies from the Biden era, while Congress progresses towards stablecoin legislation, potentially by August. Circle’s USDC is likely to attract institutional interest due to the company’s strong focus on regulatory compliance. Notably, Circle was the first to obtain a New York State BitLicense in 2015, a notoriously challenging license to acquire. As banks, payment firms, and fintech companies consider entering the stablecoin market, Circle’s commitment to regulatory adherence could provide a competitive edge.
