#CircleIPO

Stablecoin issuer Circle Internet Group Inc. is going public Thursday, after its IPO priced above its estimated range and additional shares were sold, in a sign that Wall Street is taking digital currencies more seriously.

Circle CRCL 0.00%

raised nearly $1.1 billion by selling 34 million shares at $31 each, through lead underwriters J.P. Morgan, Citigroup and Goldman Sachs.

The stock will start trading on the New York Stock Exchange under the symbol “CRCL.”

At its IPO price of $31 a share, Circle would have a market capitalization of about $7 billion, based on 225.34 million shares outstanding, if underwriters exercise their option to buy additional shares.

That’s about 4.2 times its 2024 revenue of $1.68 billion. The IPO comes as Congress has been working on a bill to promote cryptocurrencies.

Circle is the issuer of the USDC, a cryptocurrency pegged to the U.S. dollar.