Circle, the company behind the USDC stablecoin, said on Tuesday that it plans to seek a valuation of up to $5.65 billion in its U.S. initial public offering.
The firm is aiming to sell about 9.6 million new shares, while some existing shareholders will offer approximately 14.4 million shares.
Priced between $24 and $26 per share, the offering could raise around $624 million. Once listed the second-largest stablecoin by market cap, Circle will trade on the New York Stock Exchange (NYSE) under the ticker symbol “CRCL.”
IPO Details
Circle has enlisted J.P. Morgan, Citigroup and Goldman Sachs as the lead underwriters for the deal. Barclays, Deutsche Bank Securities and Societe Generale are serving as bookrunners.
A group of co-managers that includes BNY Capital Markets, Canaccord Genuity, Needham & Company, Oppenheimer & Co. and Santander will support the offering.
Additionally, AmeriVet Securities, Drexel Hamilton, Mischler Financial Group, Inc. and Roberts & Ryan are acting as junior co-managers.
The company emphasised that the offering will proceed only by means of a prospectus and is subject to market conditions. There is no guarantee as to whether or when the IPO will be completed, or on what terms.
Also Read: Circle Co-Founder’s Catena Labs Receives $18 Million Funding To Build AI-Native Bank
NYSE Listing and Symbol
Following the IPO, Circle will begin trading on the NYSE under the symbol “CRCL.” The firm chose this venue to tap into a wide pool of investors and to benefit from the visibility that comes with being a publicly traded company.
By setting the price range between $24 and $26 per share, Circle hopes to strike a balance between raising capital and attracting new shareholders. If the shares sell within this range, the company’s valuation on debut could reach as high as $5.65 billion.
Long Road to Going Public
Circle has been working toward a public listing for nearly four years. In 2021, the company pursued a special purpose acquisition company route, but that effort fell apart before completion.
Earlier this month, it filed an S-1 form with the U.S. Securities and Exchange Commission to initiate a traditional IPO. However, reports surfaced that Circle was considering delaying the offering. Circle declined to confirm any delay.
Rumours of a Sale
In the days leading up to the IPO announcement, Fortune reported that Circle explored a possible sale valued at $5 billion.
Negotiations reportedly involved Coinbase, the listed crypto exchange, and Ripple, which issues its stablecoin, RLUSD. Those reports suggested that Coinbase and Ripple had shown interest in acquiring Circle.
The company publicly denied all acquisition rumours, reaffirming that it intends to move forward with its own IPO rather than pursue a merger or sale.
As Circle prepares to list on the NYSE, it hopes to raise significant capital and join the ranks of established public fintech firms. With major banks leading the underwriting process and a clear share price range, the company is seeking stable, long-term growth.
Also Read: Worldcoin Chain To Integrate USDC And Circle’s CCTP V2 Following U.S. Expansion