Circle, the issuer of the USDC stablecoin, announced on May 27th the official launch of its Initial Public Offering (IPO) for 24 million Class A common shares. The company has filed to list on the New York Stock Exchange (NYSE) under the ticker symbol "CRCL," with a target valuation of $6.7 billion.
IPO Details: NYSE Listing and Pricing Range
Circle's registration statement has been submitted to the U.S. Securities and Exchange Commission (SEC) but is not yet effective. Key details include:
- Share Structure: 9.6 million new Class A shares offered by Circle + 14.4 million shares from selling shareholders
- Price Range: $24.00–$26.00 per share
- Expected Capital Raise: $576M–$624M
- Lead Underwriters: JPMorgan, Citi, and Goldman Sachs
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Underwriting Consortium
The offering features an elite syndicate of financial institutions:
- Joint Book-Runners: JPMorgan, Citi, Goldman Sachs
- Co-Managers: Barclays, Deutsche Bank, Société Générale
- Additional Participants: BNY Capital Markets, Canaccord Genuity, and others specializing in capital markets services
USDC Market Position and Growth Potential
According to CoinGecko data:
- Current Market Cap: $61.4 billion
- Market Rank: Second-largest USD stablecoin behind USDT
The IPO represents a significant milestone for Circle as it seeks to leverage its regulatory compliance advantages against competitors like Tether. Industry observers will be watching whether this move allows Circle to close the gap with—or potentially surpass—the market leader.
Frequently Asked Questions
Q: When will Circle shares begin trading?
A: Trading will commence after the SEC declares the registration statement effective, expected within the coming weeks.
Q: What percentage of USDC reserves does BlackRock manage?
A: As part of their strategic partnership, BlackRock oversees approximately 90% of USDC's reserve assets.
Q: How does Circle's valuation compare to other crypto companies?
A: At $6.7 billion, Circle's valuation exceeds most pure-play crypto firms but remains below exchanges like Coinbase.
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This offering is subject to market conditions and SEC approval. All securities transactions will occur only after the registration statement becomes effective.