#CircleIPO

Circle Internet Group, the issuer of the USD Coin (USDC) stablecoin, is proceeding with its initial public offering (IPO) on the New York Stock Exchange under the ticker symbol CRCL. The company plans to sell 32 million shares, priced between $27 and $28 each, aiming to raise approximately $880 million. This would value Circle at up to $7.2 billion on a fully diluted basis .

The IPO is being underwritten by major financial institutions, including J.P. Morgan, Citigroup, and Goldman Sachs. Notably, investment firm ARK Investment has expressed interest in purchasing $150 million worth of shares .

Circle's revenue model primarily relies on interest income from reserves backing USDC, with 98% of its revenue stemming from interest on short-term securities. In the first quarter of 2025, the company reported earnings of $64.8 million on $578.6 million in revenue .

The IPO comes at a time of increasing investor interest in cryptocurrency firms and a more favorable regulatory environment under the current U.S. administration. Legislative developments, such as the proposed GENIUS Act aimed at regulating stablecoins, could further benefit Circle, especially given its U.S. base compared to competitors like Tether .

Circle's decision to go public follows a previously planned merger with a special-purpose acquisition company (SPAC) that was terminated in December 2022. The company's current valuation reflects a reduction from earlier estimates, aligning with a broader trend of fintech firms adjusting valuations in response to market conditions