Circle Internet Group Inc., the issuer behind the USDC stablecoin, has once again increased the size and pricing of its upcoming public offering, now aiming to raise approximately $1.05 billion as it prepares to list on the New York Stock Exchange (NYSE) today.
The fintech firm announced on June 4 that it will offer 34 million shares at $31 apiece, a notable jump from its previously revised plan of 32 million shares priced between $27 and $28. This latest valuation push places Circle at a market capitalization of roughly $6.9 billion, based on over 220 million outstanding shares disclosed in a June 2 Securities and Exchange Commission (SEC) filing.
Underwriters have also been granted a 30-day option to purchase an additional 5.1 million shares, giving Circle room to raise even more capital if demand surges post-debut.
Circle, the operator of the second-largest stablecoin by market cap, has stated that it will not pay dividends, choosing instead to reinvest proceeds into product development, global expansion, and potential acquisitions. From earlier projections, $319 million in net proceeds were expected when shares were priced at $27, part of which would go towards $111 million in tax-related obligations.
Asset management behemoth BlackRock is reportedly gearing up to acquire at least 10% of Circle’s shares during the IPO, signaling strong institutional confidence in the crypto-native company.
Circle initially filed for its IPO on April 1 but paused shortly after due to a sharp market downturn triggered by former President Donald Trump’s April 2 tariff announcements. This isn’t Circle’s first attempt to go public; the company’s 2021 plans to list via a merger with an Irish holding company ultimately collapsed.
Circle’s debut joins a recent wave of crypto companies returning to the public markets. Trading platform eToro expanded its May IPO from $500 million to $620 million, and industry players like Kraken and BitGo are reportedly eyeing listings later this year. The firm follows in the footsteps of Coinbase, which in 2021 became the first major U.S. crypto company to go public via a direct listing on Nasdaq.
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