Crypto Journalist
Amin Ayan
Crypto Journalist
Amin Ayan
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Key Takeaways:
- Circle is targeting up to $624 million in its NYSE IPO under the ticker “CRCL.”
- The company rejected a $4–5 billion acquisition offer from Ripple, opting to move forward independently.
- Circle is expanding globally, securing regulatory approval in Abu Dhabi and launching more partnerships.
Circle, the company behind the USDC stablecoin, has launched its initial public offering (IPO), aiming to raise as much as $624 million on the New York Stock Exchange under the ticker “CRCL.”
The fintech firm plans to offer 9.6 million shares of Class A common stock, while selling shareholders will offer an additional 14.4 million shares, according to a May 27 press release.
The IPO is priced between $24 and $26 per share, with underwriters granted a 30-day option to purchase up to 3.6 million additional shares to cover over-allotments. If fully exercised, the offering would total 27.6 million shares.
Circle’s Long-Awaited IPO Signals New Era for Stablecoin Giant
The IPO marks Circle’s long-anticipated public debut, signaling a new chapter for one of the most prominent players in the stablecoin sector.
The timing comes as regulatory scrutiny on digital asset firms remains high, with investors watching closely to gauge sentiment on publicly listed crypto infrastructure companies.
J.P. Morgan, Citigroup, and Goldman Sachs are serving as joint lead active bookrunners.
Barclays, Deutsche Bank, and Société Générale are also acting as bookrunners, while a long list of co-managers includes BNY Capital Markets, Canaccord Genuity, Oppenheimer & Co., and Santander.
Several diversity-focused investment firms will participate as junior co-managers.
Circle’s filing with the U.S. Securities and Exchange Commission (SEC) is still pending effectiveness. Therefore, the offering remains subject to market conditions and regulatory approval.
The company had previously attempted to go public via a SPAC deal with Concord Acquisition Corp in 2021, but the agreement was mutually terminated in 2022.
Since then, Circle has continued to position itself as a central figure in dollar-backed stablecoin infrastructure, with USDC currently holding a market capitalization of over $32 billion.
If successful, Circle’s IPO would mark one of the largest public offerings by a crypto-focused firm since Coinbase’s 2021 listing.
Circle Rejects Ripple’s $5B Bid
Last month, Circle reportedly declined a $4–5 billion acquisition offer from Ripple.
The bid was considered too low as Circle remained committed to pursuing its own path forward through a public offering.
Separately, Circle secured in-principle approval from the Abu Dhabi Financial Services Regulatory Authority to operate as a money services business in the region.
The milestone came following its recent incorporation in the UAE and expansion of its regulatory footprint in the Middle East.
Circle also partnered with Hub71, a government-backed tech hub in Abu Dhabi.
The collaboration will allow Circle to test its stablecoin offerings, including USDC and EURC, within a local regulatory sandbox, as competition in the stablecoin space continues to intensify.
