Circle's IPO is making headlines today. The company's initial public offering priced above its marketed range, raising nearly $1.1 billion by selling 34 million shares at $31 each.¹ This upsized IPO is a significant milestone for Circle, a financial technology firm that utilizes stablecoins for payments and e-commerce.
Circle's stock will start trading on the New York Stock Exchange under the symbol "CRCL." The company's market capitalization is expected to be around $7 billion, based on 225.34 million shares outstanding.
The IPO's success can be attributed to the growing interest in cryptocurrencies and stablecoins. Circle is the issuer of the USDC, a cryptocurrency pegged to the U.S. dollar, which has been used for over $25 trillion in on-chain transactions as of March 31.
Investors like Cathie Wood's ARK Investment Management have shown interest in buying up to $150 million of Circle's stock at its IPO price. With this successful IPO, Circle is poised to further expand its presence in the global payments and cryptocurrency markets.
