Circle, the issuer of the U.S. dollar-pegged stablecoin USDC, is moving forward with its long-anticipated IPO, eyeing a listing on the New York Stock Exchange under the ticker “CRCL.” In a recent filing with the U.S. Securities and Exchange Commission, the crypto firm revealed plans to offer 24 million shares at a price range of $24 to $26 each—targeting a capital raise of approximately $624 million.
The offering sets Circle on course for a fully diluted valuation of $6.7 billion, a notable target in a market where public listings from crypto-native companies remain relatively rare. This renewed push follows the collapse of its earlier SPAC merger—once valued at $9 billion—in late 2022 due to unfavorable market conditions.
Institutional interest appears robust: Cathie Wood’s ARK Investment Management, known for its bets on disruptive technologies, has signaled interest in purchasing up to $150 million worth of Circle shares. The involvement of high-profile backers adds weight to Circle’s positioning as a cornerstone player in the evolving stablecoin landscape—and reflects growing appetite for regulated crypto exposure on Wall Street.
USDC Holds Steady as a Crypto Infrastructure Staple
At the center of Circle’s IPO pitch is USDC, a stablecoin widely recognized as a core infrastructure layer for the crypto economy. Pegged 1:1 to the U.S. dollar, USDC allows traders and institutions to move capital on-chain with minimal volatility, effectively serving as a bridge between traditional finance and the blockchain world.
Recent data from CoinGecko shows that over $6.8 billion worth of USDC was transacted in just 24 hours, ranking it as the fourth-most traded cryptocurrency. With a circulating supply valued at $61.5 billion, USDC remains one of the largest dollar-backed stablecoins by market cap.
Launched in 2018 through the Centre Consortium—co-founded by Circle and Coinbase—USDC has grown into a leading force in global digital finance. Although the consortium was dissolved in 2023, Coinbase reaffirmed its commitment to USDC by acquiring a direct equity stake in Circle. The move strengthened their partnership and reinforced a shared vision of expanding regulated stablecoin adoption.
As centralized exchanges, payment rails, and decentralized finance platforms continue to rely on USDC for settlement and liquidity, its institutional credibility gives Circle a clear narrative going into public markets.
IPO Comes After Failed SPAC and Rejected Buyout Bid
Circle’s upcoming IPO represents a fresh attempt to go public after its prior strategy fell short. In 2022, the company planned to go public via a merger with a special purpose acquisition company (SPAC), but the deal was ultimately scrapped amid volatile market conditions and tightening regulatory scrutiny.
Speculation of a second IPO attempt has lingered since then. With the SEC filing now public, Circle’s path to a traditional listing is officially underway.
The company has also attracted attention from other major players in the crypto space. In April 2025, reports surfaced that Ripple had made a multibillion-dollar bid to acquire Circle, offering between $4 billion and $5 billion. However, the offer was declined, with insiders suggesting the valuation didn’t meet Circle’s expectations—particularly as the company prepared to go public on its own terms.
Quick Facts
- Circle plans to list on NYSE under ticker “CRCL”
- IPO aims to raise ~$624M at $6.7B valuation
- Cathie Wood’s ARK may invest up to $150M
- USDC ranks as 4th-most traded crypto globally
- Ripple’s $5B acquisition bid was reportedly rejected
