🛑 Circle Raises $1.1 Billion in Oversubscribed IPO at $6.9 Billion Valuation 📈
Stablecoin issuer #Circle priced its initial public offering at $31 per share, exceeding the marketed range of $27- $28.
The company and shareholders sold 34 million shares, up from the originally planned 24 million shares.
Circle's valuation reached $6.9 billion on an outstanding shares basis, with $8.1 billion fully diluted, including options and warrants.
Shares began trading on Thursday on the New York Stock Exchange under the ticker CRCL following the successful fundraise.
Circle's USDC stablecoin reportedly commands 24.5% market share with $61.5 billion in circulation.
#BlackRock, which manages the $53.3 billion reserve fund backing USDC$USDC, acquired 10% of IPO shares, according to Bloomberg sources.
#ARKInvest expressed interest in purchasing up to $150 million worth of shares in the offering.
The company reported $156 million net income on $1.68 billion revenue for 2024, down from $268 million the previous year.
Circle's listing coincides with Congress advancing stablecoin regulation legislation, expected to pass in August.
The firm has held a New York BitLicense since 2015 and is recognized as one of the most compliance-focused players in the stablecoin space.
