Circle Proceeds With IPO Plans on NYSE, Seeks to Raise $624M

Stablecoin giant, Circle, has announced plans to proceed with its initial public offering (IPO). In an official press release on Tuesday, the company revealed that it will make its stock market debut on the New York Stock Exchange (NYSE).

Circle to Raise $624M in IPO

In a filing with the U.S. Securities and Exchange Commission (SEC), Circle disclosed that it is seeking to raise up to $624 million from the IPO. The stablecoin issuer plans to offer 24 million shares of its Class A common stock. 

The company will offer 9.6 million of this total figure directly. The remaining 14.4 million shares will be contributed by selling shareholders, including venture capital firms Accel and General Catalyst. Notably, the total shares allocated for the IPO could increase to 27.6 million as Circle may grant underwriters a 30-day option to purchase up to an additional 3.6 million shares. 

Meanwhile, per the filing, the shares are expected to be priced between $24 and $26 each. However, the offering’s actual size, terms, and completion are subject to market conditions. Cathie Wood’s ARK Investment Management stated in the filing that it plans to buy up to $150 million worth of shares in the IPO. 

The IPO will be jointly led by JPMorgan Chase, Citigroup, and Goldman Sachs. Upon listing on NYSE, Circle will trade under the symbol CRCL.

Circle Rejects Ripple’s $5B Acquisition Deal

Just a few days ago, the company rejected the $5 billion acquisition offer made by Ripple. At the time, several unnamed sources allegedly familiar with the matter claimed that Circle was looking to sell its business to either Ripple or Coinbase.

If successful, Circle’s IPO would be one of the biggest crypto listings in the industry since Coinbase’s 2021 IPO. The listing is expected to push the company’s valuation up to $6.7 billion.

Circle’s renewed IPO efforts come at a time when the pro-crypto Trump administration is providing some degree of regulatory clarity to the crypto industry. The stablecoin bill, which is currently making progress in Congress, could significantly boost Circle’s business once it is approved.