Circle Aims for $5.65 Billion Valuation in Upcoming NYSE IPO
Circle, the issuer of USDC stablecoin, targets a valuation of $5.65 billion in planned US initial public offering (IPO)
Circle, the company behind the second-largest stablecoin—USDC—is planning to go public, reportedly aiming for a valuation of $5.65 billion in a US-based initial public offering (IPO) on the New York Stock Exchange (NYSE).
According to Reuters, the offering will include approximately 24 million shares, with an option to increase this number to 27.6 million if underwriters fully exercise their option. Of these, Circle itself will issue 9.6 million shares, while existing shareholders, including venture capital firms Accel and General Catalyst, will sell 14.4 million shares. The shares are anticipated to be priced between $24 and $26 each, potentially raising up to $624 million.
In April, Circle filed an IPO with the US Securities and Exchange Commission (SEC). The company's USDC stablecoin has a market capitalization exceeding $60 billion, and it has reported steadily increasing revenue, though it has also seen a decrease in EBITDA and net income.
Circle's CEO, Jeremy Allaire, noted in a letter to investors that becoming a publicly traded corporation on the NYSE was a step towards greater transparency and accountability. He cited the company's goal to play a vital role in shaping and building the new internet financial system.
Notable investment firm ARK Investment Management has shown interest in purchasing up to $150 million worth of shares in the IPO, indicating strong investor interest. Once listed, Circle's shares will trade on the NYSE under the ticker symbol CRCL, with J.P. Morgan, Citigroup, and Goldman Sachs serving as lead underwriters.
At the time of this writing, further details about the IPO remain unavailable.
Circle, the company behind the USDC stablecoin, is planning to enter the cryptocurrency trading market by going public and trading on the NYSE under the ticker symbol CRCL. This move could potentially increase the company's involvement in finance, including bitcoin and other crypto markets, as it aims to play a significant role in shaping the new internet financial system.
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