Circle, the issuer of the USDC, launches IPO to raise between $576 million and $624 million at a $6.7 billion valuation

On May 27, 2025, Circle, the issuer of the USDC stablecoin, has officially launched its initial public offering (IPO) on the New York Stock Exchange under the ticker symbol "CRCL."

The offering comprises 24 million shares of Class A common stock, with 9.6 million shares offered by Circle and 14.4 million shares offered by existing shareholders.

The shares are priced between $24 and $26 each, aiming to raise up to $624 million.

The IPO targets a fully diluted valuation of approximately $6.7 billion.

Notably, ARK Investment Management, led by Cathie Wood, has expressed interest in purchasing up to $150 million worth of shares.

This IPO filing marks Circle's second attempt to go public, following a previously terminated $9 billion SPAC merger in 2022.

In 2024, the company reported a net income of $155.7 million, down from $267.5 million in 2023, while its revenue and reserve income increased to $1.68 billion from $1.45 billion the previous year.

Circle's IPO is part of a trend of cryptocurrency companies entering public markets amid a more favorable regulatory environment under the current U.S. administration.

The company's USDC stablecoin is backed by U.S. dollars or dollar-denominated assets like Treasury securities and currently holds a market capitalization of more than $60 billion.

Circle's IPO summary is as follow:

• Total IPO size: 24 million shares of Class A common stock.
• Circle's share offering: 9.6 million shares.
• Selling stockholders' offering: 14.4 million shares.
• Price per share: Expected range between $24 and $26.
• Potential total raised: $576 million to $624 million, depending on final pricing.

This IPO is expected to position Circle with a fully diluted market valuation around $6.7 billion.