Circles IPO Valued at $6.9 Billion After Raising $1.1 Billion in Oversubscribed Offering

Circle has raised $1.1 billion, nearly double the initial target. The public offering of the issuer’s common shares for USDC on the NYSE saw a 25-fold oversubscription, as reported by Bloomberg, citing informed sources.

On June 5, Circle launched its shares on the NYSE, and trading began under the ticker symbol CRCL.

According to CEO Jeremy Allaire, transitioning to the public market represents a «significant and powerful milestone.» He believes the world is ready for a «financial system of the internet.»

Allaire emphasized the company’s commitment to principles of trust, transparency, regulatory compliance, and ethical management. He noted that adhering to NYSE standards and SEC regulations will strengthen these qualities.

The final fully diluted valuation (FDV) stood at $8.1 billion.

Circle and its investors, including Allaire, sold a total of 34 million Class A common shares at $31 each.

The leading underwriters are JPMorgan, Citigroup, and Goldman Sachs.

Initially, the firm aimed to raise approximately $600 million with a share price target of $24-26 at a valuation of $5.4 billion.

Two days prior, Circle increased the offering size to $896 million with an anticipated market capitalization of $7.2 billion at the upper limit.

In early April, Circle postponed its IPO indefinitely due to market uncertainties amid the review of trade tariffs by U.S. President Donald Trump.

Subsequently, reports surfaced about a possible withdrawal from the IPO and a potential sale of the business for $5 billion, with allegations that the company was in negotiations with Coinbase and Ripple. Ripple had attempted to acquire Circle for $4-5 billion but was turned down due to the «insufficient amount.»

Coinbase was a partner in the consortium Center, responsible for issuing USDC. In August 2023, the structure was dissolved following Coinbase’s acquisition of a minority stake in Circle, which then assumed the role of the sole issuer of the stablecoin.

In July 2021, Circle announced its intent to become a public company through a reverse merger with Concord Acquisition Corp., with shares expected to be listed on the NYSE under the ticker CRCL.

At the end of 2022, Circle scrapped its SPAC merger due to the fallout from the FTX collapse, which worsened the digital asset market conditions and diminished Wall Street’s interest in crypto firms.

The pre-merger valuation of the company was estimated at $4.5 billion, but by February 2022, this figure had risen to $9 billion. The boards of the entities confirmed a new agreement, anticipating the transaction would close by December 8, with an extension possible until January 31, 2023.

In February 2023, CFO Jeremy Fox-Dean reiterated that the firm had not abandoned its plans for an IPO, awaiting improved conditions.

By November of the same year, Bloomberg reported plans for Circle to revisit its IPO aspirations. In January 2024, Circle confidentially submitted an application to conduct an IPO in the U.S.

By June 2025, the market capitalization of stablecoins exceeded $250 billion for the first time. Leading the pack was Tether’s USDT with a market value exceeding $153 billion, followed by Circle’s USDC at $61.4 billion.

Citigroup projected a rise in stablecoin capitalization to $3.7 trillion within five years, while Standard Chartered estimated it would reach approximately $2 trillion by 2028.

The IPO of Circle occurred amid a changing regulatory landscape for stablecoins. On May 19, the Senate advanced the GENIUS Act, aimed at establishing a legal framework for dollar-pegged cryptocurrencies, receiving support from Trump.

This legislation stipulates that «stablecoins» must be fully backed by U.S. dollars or highly liquid assets, and issuers with market capitalization over $50 billion are required to undergo annual audits.

On May 22, WSJ reported that a consortium of companies co-owned by JPMorgan, Bank of America, CitiGroup, Wells Fargo, and other major banks were discussing launching a joint stablecoin.

In April, Circle launched a new payment and cross-border transfer product as an alternative to Visa and Mastercard.

Previously, CEO of Borderless, Kevin Lehtinitti, warned Circle of potential risks that could weaken its standings due to going public.

It’s worth noting that in May, the offering price for shares of the trading platform eToro was set at $52, exceeding the initial IPO range of $46-50, reflecting strong demand.

Similar plans for public market entry are also in place for Gemini and Kraken.