Circle Debuts on NYSE at $31, Valued at $6.2 Billion

Circle, the issuer of the second-largest U.S. dollar-pegged stablecoin, USDC, made its public market debut on the New York Stock Exchange (NYSE) under the ticker “CRCL.” The company priced its shares at $31, surpassing the expected range of $24 to $26. This pricing reflects a significant valuation of $6.2 billion for the company.

Circle sold approximately 34 million shares in the offering, which was initially planned to be 24 million Class A shares. The increased demand led to a substantial expansion of the offering, more than ten times the original amount. The total amount raised in the IPO was $6.2 billion, according to the valuation.

This IPO marks a significant milestone as the second major crypto company to go public under the current administration, following eToro's listing last month. Circle's journey to the public markets has been lengthy, with an initial attempt to go public in 2021 through a special purpose acquisition company (SPAC) that eventually collapsed. Despite this setback, Circle continued to pursue its IPO ambitions.

USDC, the stablecoin issued by Circle, has become a crucial component for many crypto trading pairs and decentralized finance applications. By going public, Circle gains access to deeper capital markets and increased regulatory scrutiny, which could help bolster investor confidence amidst recent volatility in crypto markets.

The firm's entrance to the NYSE coincides with renewed interest in digital assets and as U.S. regulators consider clearer rules for stablecoins. This regulatory environment could potentially benefit publicly traded issuers like Circle, providing them with a competitive edge.