#CircleIPO Ticker Symbol: CRCL

IPO Date: June 5, 2025

Initial Pricing: Shares were priced at $31 per share, which was above the previously expected range of $27-$28.

Capital Raised: Circle and selling shareholders raised approximately $1.1 billion by selling 34 million shares (upsized from earlier plans).

Market Debut Performance: The stock soared on its first day of trading, opening at around $69.50 and climbing as high as $103.75, representing gains of over 124% to 235% from its IPO price. Trading was halted multiple times due to volatility.

Valuation: Based on the IPO price, the company had an initial market capitalization of around $6.8 billion to $7 billion, with a fully diluted valuation nearing $8 billion to $19 billion depending on the calculation methods and real-time market movements.

Investor Demand: The IPO was massively oversubscribed, with investor interest exceeding the available shares by over 25 times, indicating strong demand.

Significance: Circle's IPO is seen as a major milestone for the crypto industry, signaling increased mainstream acceptance of digital finance and potentially opening the door for more crypto-related companies to go public. It's the largest crypto listing since Coinbase's debut in 2021 and the first major IPO by a stablecoin issuer.

Revenue Model: Circle's revenue primarily comes from interest earned on the reserves backing USDC (U.S. Treasury bonds). In 2024, they reported $1.68 billion in revenue, with Q1 2025 showing continued strong growth.

Regulatory Context: The IPO comes amid a more favorable U.S. regulatory environment for crypto, with ongoing efforts in Congress to pass legislation that would regulate stablecoins.