Circle, the company behind the USDC stablecoin, has officially completed its IPO ahead of its debut on the New York Stock Exchange—surpassing expectations by a wide margin. The firm priced its public offering at $31 per share, raising approximately $1.1 billion in what analysts are calling a significantly upsized deal per a Bloomberg report.
The robust pricing followed strong investor demand. Circle had originally aimed to offer 24 million shares at a price range of $24 to $26. However, as interest surged, the offering expanded to 34 million shares, with the final price exceeding even the revised guidance of $27–$28. This late-stage bump reflects deepening confidence in Circle’s regulatory-first approach to crypto infrastructure.
At $31 per share, the company is now valued at approximately $6.9 billion based on outstanding shares—or as much as $8.1 billion when factoring in options and warrants, according to market analysts.
Circle’s shares will begin trading today on the NYSE under the ticker symbol CRCL, marking a significant milestone for both the company and the broader digital asset industry’s push into public markets.
USDC and Big-Name Backers Boost IPO Momentum
Circle’s IPO momentum didn’t occur in isolation—it was fueled by solid fundamentals and heavyweight institutional interest. At the heart of Circle’s business is USDC, its dollar-pegged stablecoin, which currently represents around 25% of the global stablecoin market, with more than $61 billion in circulation, per CoinGecko.
USDC’s scale reflects its growing role as a trusted bridge between traditional finance and the blockchain economy. The asset is widely integrated across centralized exchanges, payment processors, and DeFi platforms, with its credibility supported by rigorous transparency standards and full-reserve backing.
Adding to the IPO’s appeal is the quality of investors circling the offering. BlackRock—manager of USDC’s reserve assets—is reportedly planning to acquire 10% of Circle’s IPO shares, signaling its strategic alignment with the stablecoin issuer’s long-term roadmap.
ARK Invest, known for bold positions in disruptive tech, has also expressed interest in purchasing up to $150 million worth of Circle shares, according to sources cited by Bloomberg.
Together, these developments suggest growing institutional faith in Circle’s role as a backbone of regulated crypto finance—where blockchain infrastructure and compliance converge.
Strong Fundamentals, But Revenue Slips Amid Market Shift
Despite strong investor support, Circle enters the public market amid some financial headwinds. In 2024, the company reported $1.68 billion in revenue, but net income dipped to $156 million, down from $268 million the previous year. The decline reflects broader volatility in the macroeconomic landscape and ongoing recalibration in the digital asset market.
Still, investors remain optimistic due to Circle’s unique regulatory posture. The company was one of the first crypto firms to obtain a New York BitLicense, back in 2015, and has maintained a cooperative stance with financial regulators ever since.
That long-standing compliance track record may soon pay off. As Congress advances legislation aimed at regulating stablecoins—with a final vote expected as early as August—Circle is widely expected to be a major beneficiary. Its focus on transparency, licensing, and reserve audits aligns closely with draft requirements under discussion on Capitol Hill.
The timing of the IPO gives Circle a potential first-mover advantage, setting the stage for leadership in a more tightly regulated stablecoin economy.
Quick Facts
- Circle raised $1.1 billion in its IPO, pricing shares at $31.
- The deal was expanded from 24M to 34M shares due to demand.
- The firm’s valuation now stands between $6.9B and $8.1B.
- USDC holds ~25% of global stablecoin market share.
- BlackRock and ARK Invest are reportedly among major backers.
