Circle IPO Prices at $31, Valuing Company at $6.9 Billion JPMorgan Allows Crypto ETFs as Loan Collateral Globally Ethereum Foundation Plans Treasury Overhaul for 2025-2026

Circle, the company behind the U.S. dollar-pegged stablecoin USDC, has priced its long-anticipated initial public offering at $31 per share, above its expected range of $24 to $26. This move gives the company a $6.9 billion valuation and brings one of crypto’s largest players to the New York Stock Exchange under the ticker “CRCL.” The offering raised about $1.1 billion through the sale of 34 million shares, a bump from the initially planned 24 million. Nearly 10 million of those shares came directly from Circle, with the rest offered by early backers. Trading begins Thursday. This IPO marks a long-awaited arrival to public markets for Circle, which previously failed to list via a SPAC in 2021.

JPMorgan Chase is set to allow its wealth and trading clients to use cryptocurrency-linked ETFs as collateral for loans, starting with BlackRock’s iShares Bitcoin Trust. Until now, using crypto ETFs as collateral was only available to select clients on a case-by-case basis. The change will apply globally, affecting clients across wealth tiers, from retail investors to high-net-worth individuals. In addition to offering loans backed by crypto ETFs, JPMorgan will also begin factoring crypto holdings into clients’ overall net worth and liquidity, alongside traditional assets like real estate, cars and art.

The Ethereum Foundation (EF) is planning on reforming how it manages its treasury as it prepares for what it calls a “pivotal” stretch for the Ethereum ecosystem in 2025 and 2026. The move marks a shift toward more transparent and proactive financial planning from the nonprofit stewarding the world’s largest programmable blockchain. In a blog post, the EF said it will align short-term spending with its long-term mission of supporting Ethereum as a platform for decentralized applications. That includes stepping in more aggressively during market downturns or when crucial technical work is needed. “The next year and a half,” the post stated, “will likely be such a period.” As of last fall, EF held nearly $1 billion in assets, the majority in ETH. But facing criticism over perceived inertia and amid mounting competition from rival chains, the foundation is revisiting its role. Its strategies may include solo staking, lending wrapped ETH (wETH), borrowing stablecoins, and allocating capital to tokenized real-world assets.

Circle's successful IPO at $31 per share, valuing the company at $6.9 billion, signifies a major milestone for the crypto industry. The company's decision to list on the New York Stock Exchange under the ticker "CRCL" underscores its confidence in the stability and growth potential of the USDC stablecoin. The IPO not only provides Circle with significant capital but also legitimizes the stablecoin market, which has been a critical component of the broader crypto ecosystem. The move is expected to attract more institutional investors and further integrate stablecoins into traditional financial systems.

JPMorgan's decision to accept cryptocurrency-linked ETFs as collateral for loans is a significant step towards mainstream adoption of digital assets. By allowing clients to use these ETFs as collateral, JPMorgan is acknowledging the growing importance of crypto in the financial landscape. This move is likely to encourage more traditional financial institutions to explore similar options, further bridging the gap between traditional finance and the crypto world. The inclusion of crypto holdings in clients' overall net worth and liquidity assessments also reflects a growing acceptance of digital assets as legitimate investment vehicles.

The Ethereum Foundation's plans to overhaul its treasury management highlight the evolving nature of the crypto industry. The foundation's decision to align short-term spending with its long-term mission of supporting Ethereum as a platform for decentralized applications is a proactive approach to managing its resources. The foundation's strategies, which may include solo staking, lending wrapped ETH, borrowing stablecoins, and allocating capital to tokenized real-world assets, demonstrate a commitment to innovation and sustainability. This overhaul is likely to position Ethereum more competitively in the face of mounting competition from rival chains like Solana, ensuring its continued relevance and growth in the crypto ecosystem.