- Circle has finally gone ‘public’ and is trading on the NYSE under the symbol CRCL.
- The company raised $896 million by offering 32 million shares at $27 to $28 a share.
- Circle aims to lead the future of digital finance with products like USDC and the Circle Payments Network.
Circle, the issuer of USDC, officially debuted on the New York Stock Exchange under the ticker $CRCL, marking a major milestone in its corporate evolution. Circle increased the size of its initial public offering to 32 million shares and raised its fundraising target to $896 million before the public listing.
In an amended filing with the U.S. Securities and Exchange Commission dated June 2, Circle raised the price range for its IPO shares to $27–$28 from $24–$26. There are nine million Class A shares for new issues and 32 million for existing shareholders. If Circle goes at a midpoint price of $27.50, it will raise around $880 million. If they price shares at the top end, the offering could haul in nearly $896 million in proceeds.
Major financial institutions such as JPMorgan Chase, Citigroup, and Goldman Sachs underwrite the deal. Using the revised price range, Circle’s implied valuation ranges from $6.06 billion to ~$7.2 billion on a fully diluted basis. Reports indicate that the offering was 25 times oversubscribed before final pricing, to be set June 4, 2025.
Among Circle’s core products are USDC, EURC, and the Circle Payments Network. The firm stated in a public statement that it hoped to construct ‘the money layer of the internet’ by removing friction from financial transactions. Proceeds from the IPO are intended to help expand capacity for digital finance infrastructure.
Crypto Twitter Cheers, Rumors Spark Ripple Buyout Buzz
Across the digital asset space, Circle’s listing on public markets elicited strong reactions. Lulo, known for creating a Stablecoin Savings App, called it a giant step forward in mainstream internet finance. Large venture capitalists expressed similar optimism, saying that Circle’s long-term vision will be a transformative force for the future of money.
Speculation of a further acquisition has also riled the markets. The Bloomberg report alleged that Ripple, the company behind XRP, had approached Circle with a buyout offer. The proposal was rejected. In response to the report, word spread that Coinbase was looking at a counteroffer. However, Circle dismissed all claims and said that it was not for sale.
However, voices from the industry continue to chime in. Chamath Palihapitiya added to the intrigue, calling a potential buyout “genius.” Given its valuation at around $7 billion, he suggested an offer in the $12–13 billion range would have been a good strategic acquisition for him. Circle also earned praise from Chamath for building upon stablecoin infrastructure in the U.S. well ahead of time when regulatory infrastructure would be in place.
Policymakers are currently debating the future of stablecoin regulation as the IPO comes. Circle’s timing may not only help it affect product innovation, but also policy, as stablecoins are currently on the radar of US lawmakers with the impending GENIUS Act set to clarify legal structures.
