decrypt.co
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.
This story is developing and will be updated once trading begins.