Circle Company Advances to Public Offering on the New York Stock Exchange to Raise Up to $250 Million
Circle Internet, the developer of the USDC stablecoin, announced a formal application for its stock to go public on the New York Stock Exchange under the ticker symbol 'CRCL'.
The company will offer 24 million Class A shares, including 9.6 million shares issued directly by Circle and 14.4 million shares from selling shareholders.
The share price is expected to range between $24 and $26, potentially allowing the company to raise about $250 million, while the proceeds for selling shareholders could reach $375 million.
The company disclosed that 'ARK Investment', associated with 'Cathie Wood', expressed interest in purchasing shares worth $150 million within the offering.
The underwriting is managed by prominent financial institutions including 'J.P. Morgan', 'Citigroup', and 'Goldman Sachs'.
This move follows previous incomplete attempts by Circle to launch its shares, notably a failed attempt via a SPAC in 2021.
The company had submitted an S-1 form to the U.S. Securities and Exchange Commission in April, amid reports of a potential postponement of the offering or consideration of a $5 billion sale option.
According to published reports, 'Coinbase' and 'Ripple' were among the parties interested in a potential acquisition of 'Circle', as the latter prepares to enhance its position in the rapidly growing stablecoin market.
