#CircleIPO

Circle Internet Group, the issuer of the USDC stablecoin and a leading player in the cryptocurrency sector, completed a highly anticipated initial public offering (IPO) in June 2025. The company priced its shares at $31 each, above the previously expected range of $24–$26 and even above its later marketed range of $27–$28 per share. This pricing reflected strong investor demand—the IPO was oversubscribed by more than 25 times the available shares.

Circle and its shareholders sold a total of 34 million shares in the upsized offering, raising approximately $1.05 billion. The company’s market capitalization at IPO was reported at around $6.8–$6.9 billion, but on a fully diluted basis—including employee stock options, restricted share units, and warrants—the valuation reached about $8 billion. Circle’s shares are listed on the New York Stock Exchange under the ticker symbol “CRCL”.

Key underwriters included J.P. Morgan, Citigroup, and Goldman Sachs, with several other major investment banks participating in the syndicate. Notable investors included Cathie Wood’s ARK Investment Management, which expressed interest in acquiring up to $150 million of the shares, and BlackRock, which reportedly sought about 10% of the offering.