Circle Internet Prices Upsized IPO at $31 a Piece, Raising $1.05 Billion
Jun 05, 2025 am 10:36 AMBy Pritam Biswas and Manya Saini
Circle Internet, the issuer of the USDC stablecoin, on Wednesday priced its upsized U.S. initial public offering at $31 a share, raising $1.05 billion and adding fresh momentum to a growing pipeline of late-stage cryptocurrency firms eyeing public markets.
Circle and its shareholders sold 34 million shares at $31 apiece, setting the company’s valuation at roughly $8 billion on a fully diluted basis. The IPO had been marketed in a range of $27 to $28 per share.
The company’s flotation would rank among the biggest of the year, following a period of market uncertainty that prompted many firms to delay IPO plans.
Circle’s IPO, which will also be one of the biggest crypto listings since Coinbase Global’s stock market debut in 2021, marks an eventful year in the sector’s push toward traditional finance.
“The huge demand for Circle’s IPO is a boon for both the IPO market and cryptocurrency-linked listings,” Samuel Kerr, head of equity capital markets at Mergermarket, said.
There still seems to be a divide in the market, with institutional demand focused on stablecoins and other less-volatile crypto assets such as infrastructure or exchanges, rather than on more speculative single-cryptocurrency investments that aren’t tied to benchmarks like the U.S. dollar, Kerr added.
Founded in 2013, Circle is the issuer of USDC, which has a market capitalization of more than $61 billion and is the second-biggest stablecoin after Tether, according to crypto market tracker CoinGecko.
Stablecoins are a type of cryptocurrency designed to hold a steady value by linking them to traditional currencies like the U.S. dollar. Besides USDC, Circle also issues the euro-denominated stablecoin EURC.
Circle is expected to begin trading on the NYSE on Thursday under the symbol “CRCL.”
J.P.Morgan, Citigroup and Goldman Sachs are the lead underwriters for the offering.
News data source: kdj.com
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