Circle Plans $624 Million IPO on NYSE

Circle, the issuer of the USDC stablecoin, has announced its plans to raise up to $624 million through an initial public offering (IPO) on the New York Stock Exchange (NYSE). The company will offer 9.6 million shares of Class A common stock, with selling shareholders contributing an additional 14.4 million shares. The IPO is priced between $24 and $26 per share, with underwriters having a 30-day option to purchase up to 3.6 million additional shares to cover over-allotments. If fully exercised, the offering would total 27.6 million shares.

The IPO marks a significant milestone for Circle, one of the leading players in the stablecoin sector. The move comes at a time when regulatory scrutiny on digital asset firms is high, and investors are closely watching the sentiment towards publicly listed crypto infrastructure companies. The company's filing with the U.S. Securities and Exchange Commission (SEC) is still pending effectiveness, making the offering subject to market conditions and regulatory approval.

Circle's decision to go public through an IPO follows a previous attempt to do so via a SPAC deal with Concord Acquisition Corp in 2021, which was mutually terminated in 2022. Since then, Circle has continued to strengthen its position in the dollar-backed stablecoin infrastructure, with USDC currently holding a market capitalization of over $32 billion. If successful, Circle’s IPO would be one of the largest public offerings by a crypto-focused firm since Coinbase’s 2021 listing.

Last month, Circle reportedly declined a $4–5 billion acquisition offer from Ripple, deeming the bid too low. The company remains committed to pursuing its own path forward through a public offering. Additionally, Circle has secured in-principle approval from the Abu Dhabi Financial Services Regulatory Authority to operate as a money services business in the region. This milestone follows its recent incorporation in the UAE and expansion of its regulatory footprint in the Middle East. Circle has also partnered with Hub71, a government-backed tech hub in Abu Dhabi, to test its stablecoin offerings, including USDC and EURC, within a local regulatory sandbox.

Circle’s IPO is being underwritten by a consortium of leading financial institutions, including J.P. Morgan, Citigroup, and Goldman Sachs as joint lead active bookrunners. Barclays, Deutsche Bank, and Société Générale are also acting as bookrunners, with a long list of co-managers including BNY Capital Markets, Canaccord Genuity, Oppenheimer & Co., and Santander. Several diversity-focused investment firms will participate as junior co-managers.

Circle’s IPO represents a strategic move to solidify its position in the stablecoin market and expand its global footprint. The company’s decision to reject a significant acquisition offer and proceed with an IPO underscores its confidence in its independent growth trajectory. As the stablecoin space continues to evolve, Circle’s public listing could set a precedent for other crypto-focused firms looking to go public.