The stablecoin company Circle priced its shares at $31, above the projected range, ahead of its debut on the New York Stock Exchange with the ticker CRCL.
Circle set the price of its initial public offering (IPO) at $31 per share, raising approximately $1.1 billion in an expanded offering that exceeded both the initial size and market projections.
The shares begin trading this Thursday (5) on the New York Stock Exchange under the ticker CRCL.
The offering valued the stablecoin issuer at $6.9 billion based on the outstanding shares, with a fully diluted valuation of $8.1 billion, considering options and warrants.
The company and selling shareholders negotiated a total of 34 million shares, higher than the 32 million recorded on Monday. Initially, Circle aimed to sell 24 million shares between $24 and $26.
High demand pushed the price range to $27 to $28 earlier in the week, before pricing exceeded that limit on the night of Wednesday (4).
The $USDC , Circle's main product, currently represents about 24.5% of the stablecoin market, with $61.5 billion in circulation.
BlackRock, which manages the $53.3 billion reserve fund backing USDC, is expected to acquire 10% of the IPO shares, according to sources cited by Bloomberg.
ARK Invest also expressed interest in buying up to $150 million in shares.
Circle reported $156 million in net income on $1.68 billion in revenue in 2024 — a decline from the previous year's $268 million net income, according to an S-1 filing submitted in April.
The IPO takes place as the U.S. Congress moves forward with a bill to regulate stablecoins, with final approval expected in August.
Circle, which obtained the BitLicense in New York in 2015, is widely seen as one of the companies most committed to regulatory compliance in the sector.
