Circle Prices $130 Secondary Offering as Stock Surges 320% Since $31 IPO

Circle Internet Group has priced a secondary offering of 10 million Class A shares at $130 per share, representing a 320% increase from its June IPO price of $31 [1]. The offering includes 2 million primary shares sold by the company and 8 million shares offered by existing stockholders, with underwriters granted a 30-day option to purchase an additional 1.5 million shares [1]. The offering is expected to close on August 18, 2025, with JPMorgan, Citigroup, and Goldman Sachs serving as joint lead bookrunners [1].

Circle’s stock performance since its NYSE debut in June 2025 has been extraordinary. The IPO price of $31 was set above the expected range of $27–$28, and the stock surged as much as 235% on the first day of trading, closing at $83 [1]. It reached an all-time high of $298.99 on June 23, representing an 865% gain from the IPO price. As of the secondary offering announcement, the stock was trading around $139 [1]. The IPO left an estimated $1.72 billion "on the table," according to Fortune, marking it as the seventh-largest underpricing in IPO history [1].

Strong financial performance underpins the investor enthusiasm. For Q2 2025, Circle reported total revenue of $658 million, a 53% year-over-year increase, exceeding analyst expectations of approximately $645 million [1]. USDC circulation grew 90% year-over-year to $61.3 billion by the end of the quarter and reached $65.2 billion as of August 10, 2025 [1]. The company’s reserve income, which makes up the majority of its revenue, rose 50% year-over-year to $634 million, driven by the 86% growth in average USDC circulation [1]. Adjusted EBITDA also increased 52% to $126 million [1].

Despite a reported Q2 net loss of $482 million, this was primarily due to non-cash IPO-related charges, including $424 million in stock-based compensation and $167 million from convertible debt revaluation [1]. These charges do not reflect the company’s core operational performance.

Circle has launched several strategic initiatives to fuel its growth. The May 2025 introduction of Circle Payments Network provides financial institutions with a platform for stablecoin-based payments, with over 100 institutions in the pipeline [1]. Additionally, the company announced Arc, an EVM-compatible Layer-1 blockchain optimized for stablecoin finance and capital markets applications [1]. Arc will use USDC as its native gas token and features sub-second settlement times and opt-in privacy controls [1].

The company has also strengthened partnerships with major players in the crypto and traditional finance sectors, including Binance, OKX, Corpay, FIS, and Fiserv [1]. These collaborations are helping to integrate USDC into broader payment systems and financial services.

Circle holds approximately 26% of the dollar-backed stablecoin market, trailing only Tether’s USDT with about 67% market share [1]. The regulatory environment has also improved, particularly with the passage of the GENIUS Act, which provides clearer frameworks for digital asset companies [1]. CEO Jeremy Allaire noted a surge in engagement from financial institutions since the IPO and the Act’s passage [1].

The secondary offering at $130 per share reflects strong investor confidence in the company’s growth trajectory and regulated business model [1]. Seaport Global analyst Jeff Cantwell expects the stablecoin market to reach $2 trillion and projects 25% to 30% annual revenue growth for Circle as adoption expands [1]. The offering will provide capital for general corporate purposes and allow existing shareholders to realize gains.

Following the offering announcement, Circle shares dipped 6% in after-hours trading to around $154, a typical reaction to new share issuance [1]. However, the stock has shown resilience, maintaining significant gains despite volatility. The company trades at approximately 24 times 2025 revenue projections [1], with analysts arguing that its unique position and growth prospects justify the premium.

Circle’s transparent reserve structure, regulatory compliance, and established banking relationships position it to gain further institutional adoption of stablecoins [1]. Its global USDC network supports transactions in over 185 countries, enhancing its role in cross-border payments and financial services [1].

The secondary offering marks a pivotal step in Circle’s evolution from a private startup to a public entity capable of accessing capital markets for growth financing. With robust financials, expanding opportunities, and increasing regulatory clarity, Circle appears well-positioned to lead the transformation of global financial infrastructure.

Source: [1] Circle Prices 10 Million Share Secondary Offering at $130 as Stock Surges 320% Since IPO (https://coinmarketcap.com/community/articles/689f0769be58e26e9d0bd826/)