Circle has already raised the limit for its IPO after it was initially oversubscribed by 25 times. Now, 34 million Class A common shares are being offered at $31 per share, trying to raise over $1 billion.
The success of the company’s IPO inspires other firms, as Plasma has increased its own deposit limit today. Corporate investments are flowing into the crypto sector, and the ICO Pump.Fun also aims to raise $1 billion.
Circle sets ambitious goals for its IPO
Of all the long-awaited IPOs in the crypto industry, the Circle IPO was the most anticipated. Rejecting previous buyback proposals (though the facts are disputed), the USDC issuer set an initial goal of raising $624 million at a share price of $24-26.
However, the intense level of oversubscription has led to higher targets being set, and the company is currently aiming for a fully diluted valuation of $8.1 billion.
Circle, one of the largest stablecoin issuers in the world, has many reasons to be confident about this IPO. Its payment network is quite powerful, setting new trading volume records in May and cross-chain exchanges earlier this week.
Now, with its IPO going so well, the company has added 8 million new shares and raised the price to $31 per share, potentially allowing it to raise over $1 billion.
Naturally, the success of Circle’s IPO resonates across the wider crypto community. Plasma, a blockchain specifically created to process payments in stable tokens, announced an increase in its public sale today. Indeed, some metrics indicate that increased corporate investments benefit the entire crypto industry. Despite scandals and concerns about market manipulation, the new ICO Pump.fun aims to raise $1 billion.
With such optimism in the market, it is quite rational that Circle aims to achieve its aggressive IPO.
If Circle manages to achieve these ambitious IPO goals, the company will have sufficient resources to undertake new ventures.
Over the past few months, IPO planning has occupied a lot of the company's attention, but it has expressed interest in competing for market share against Tether stablecoins. This seems even more challenging, but there are no limits.
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