Andrew Kessel
2 min read
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Circle, the company behind the USDC stablecoin, said it plans to sell shares at $24 to $26 each in its IPO.
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The move would raise as much as $624 million for the company and its backers.
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Circle's USD Coin is a stablecoin, a cryptocurrency backed by U.S. dollars or dollar-denominated assets like U.S. Treasury securities.
Circle Internet Group, the company behind the USDC stablecoin, said it will offer shares at $24 to $26 each in an initial public offering that would raise as much as $624 million for the company and its backers.
Circle and other selling stockholders plan to sell 24 million shares, which could rise to 27.6 million shares if the IPO’s underwriters fully exercise an option to purchase additional stock. The company said it plans to list on the New York Stock Exchange under ticker symbol CRCL.
Circle, which had previously announced plans to go public in 2021 via a SPAC merger, said its net income last year was $155.7 million, down from $267.5 million a year earlier. It had $1.68 billion in revenue and reserve income in 2024, versus $1.45 billion in 2023. The company's USD Coin is a stablecoin, a cryptocurrency backed by U.S. dollars or dollar-denominated assets like U.S. Treasury securities.
The stable coin operator is diving into a volatile IPO market. Retail trading platform eToro (ETOR) priced its IPO last month above its expected range, and its shares soared on opening day. Nvidia (NVDA)-backed cloud computing firm CoreWeave (CRWV) meanwhile ended up with a price below its range estimates in March, although the stock has jumped in the months since and is on pace to close Tuesday at a record high. However, buy-now-pay-later platform Klarna reportedly halted its planned IPO in the wake of President Donald Trump's sweeping tariffs announcement, according to a report.
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