Circle Internet Financial Prices IPO at $31, Raises $1.05 Billion

Circle Internet Financial, the company behind the USDC stablecoin, has successfully priced its initial public offering (IPO) at $31 per share, raising $1.05 billion in one of the largest US listings this year. The upsized deal, confirmed late Wednesday, will see Circle begin trading Thursday on the New York Stock Exchange under the ticker symbol CRCL. The Boston-based firm, co-founded by CEO Jeremy Allaire in 2013, sold 34 million shares in total, with 14.8 million coming from the company and 19.2 million from existing shareholders.

Demand for the offering was robust, with the IPO reportedly more than 25 times oversubscribed by the time books closed on Tuesday. The pricing gives Circle a valuation of $6.9 billion based on listed shares, and around $8.1 billion fully diluted. This strong demand reflects the growing interest in crypto-adjacent stocks, as Circle generated $1.68 billion in revenue and reserve income in the past year. While net income fell to $156 million from $268 million the year before, the firm’s fundamentals remain strong, bolstered by the growing use of USDC in digital payments and crypto trading.

USDC is the second-largest stablecoin globally, with more than $61 billion in circulation as of May 29. It currently accounts for about 29% of the stablecoin market. Circle also issues a euro-backed stablecoin, EURC, and provides infrastructure and payment tools to businesses integrating digital currencies. Major investors signaled confidence in the offering, with ARK Invest showing interest in purchasing up to $150 million in shares, while BlackRock is expected to acquire roughly 10% of the IPO allocation. BlackRock also manages the Circle Reserve Fund, a government money market fund holding 90% of USDC’s reserves, valued at $53.3 billion as of this week.

The offering marks a significant step in Circle’s long-awaited journey to the public markets. The firm previously abandoned a SPAC merger in 2022 that would have valued it at $9 billion. After confidentially refiling for a traditional IPO earlier this year, Circle has now succeeded in making one of the largest crypto-linked listings since Coinbase’s debut in 2021. As regulatory clarity improves and institutional demand for digital assets accelerates, Circle’s IPO positions it at the intersection of crypto innovation and traditional finance. With Wall Street backing and a solid balance sheet, the firm enters the public markets under bright lights and high expectations.