Circle has priced its initial public offering at $31 per share, raising approximately $1.1 billion in an upsized deal that exceeded both initial size and guidance.
The offering values the stablecoin issuer at $6.9 billion based on outstanding shares, with a fully diluted valuation of $8.1 billion including options and warrants.
The company and selling shareholders sold a total of 34 million shares, up from 32 million as of Monday. Circle initially aimed to sell 24 million shares at $24 to $26.
A surge in demand pushed the range up to $27–$28 earlier this week, before pricing topped it late on Wednesday.
Shares will begin trading on Thursday on the New York Stock Exchange under the ticker CRCL.
USDC, Circle’s flagship product, currently accounts for about 24.5 of the stablecoin market with $61.5 billion in circulation, according to CoinGecko data.
BlackRock, which manages the $53.3 billion reserve fund backing USDC, is expected to acquire 10 of IPO shares, according to sources cited by Bloomberg.
ARK Invest also expressed interest in purchasing up to $150 million worth of shares.
Circle reported $156 million in net income on $1.68 billion in revenue for 2024, a decline from $268 million in net income the prior year, according to its April S-1 filing.
The listing comes as Congress advances legislation to regulate stablecoins, with final passage expected sometime in August.
Circle, which received a New York BitLicense in 2015, is widely seen as one of the most compliance-forward players in the space.
But like its primary competitor Tether, the issuer behind leading stablecoin USDT, Circle has yet to undergo a full audit of its reserves.
Instead, it relies on monthly attestations from the Big Four accounting firm Deloitte to verify that its reserves are sufficient to back USDC in circulation.
This story is developing and will be updated once trading begins.
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