Key Takeaways

• Circle has increased its IPO to $1.05 billion, pricing shares at $31, above its previously set range.

• 34 million shares will be offered, with an option for underwriters to purchase 5.1 million additional shares.

• The new pricing values the crypto stablecoin issuer at $6.9 billion.

• BlackRock plans to acquire at least 10% of Circle’s shares upon debut.

Circle’s Revised IPO Terms

According to Circle’s filing with the U.S. Securities and Exchange Commission (SEC), the company will offer 34 million shares when it begins trading on the New York Stock Exchange (NYSE) on June 5th. This marks a notable bump from its earlier revised plan of offering 32 million shares priced between $27 and $28.

Circle SEC Filing

Source: www.sec.gov

This is the second revision in recent weeks. Originally, Circle aimed to issue 24 million shares in the $24 to $26 range. Alongside the share offering, Circle has granted its underwriters a 30-day option to purchase up to 5.1 million additional shares, further potentially increasing its capital raise.

Valuation Hits $6.9 Billion

The updated pricing values Circle at a hefty $6.9 billion, based on more than 220 million outstanding shares listed in a previous SEC filing. Despite the massive capital influx, the firm stated that it does not plan to issue dividends.

Instead, funds will be retained to expand operations, develop new products, and pursue potential acquisitions,

BlackRock Eyes 10% Stake

In a strong show of confidence, investment management giant BlackRock is reportedly planning to acquire at least 10% of Circle’s shares upon its public debut. This aligns with BlackRock’s increasing involvement in the digital assets space and underscores institutional appetite for regulated crypto firms.

Had Circle gone public under its prior pricing structure, the company would have raised $319 million in net proceeds. Of that amount, $111 million was allocated for tax withholding and remittance obligations, with the rest designated for strategic expansion, product development, and M&A opportunities.

Third Time’s The Charm?

Circle’s journey to becoming a publicly traded company has seen multiple iterations. The firm initially filed with the SEC on April 1st, but soon delayed its IPO plans following a dip in global markets caused by tariff announcements from former President Donald Trump on April 2nd.

Top Stablecoins By Market Cap

Source: DefiLlama

This isn’t Circle’s first IPO attempt either. Back in 2021, the company had plans to go public via acquisition by an Irish holding company. That deal, however, fell through and never materialized.

Still, the company remains extremely relevant in the crypto space, being the issuer of the USDC stablecoin.

Crypto IPO Momentum Builds

Circle’s larger-than-expected debut comes as a growing number of crypto firms move toward public offerings.

Earlier in May, trading platform eToro increased its IPO target to $620 million, up from an initial $500 million. Meanwhile, Kraken, another major crypto exchange, is reportedly exploring an IPO of its own.

Elsewhere, BitGo, a well-known crypto custody firm, is also preparing for a potential IPO later in 2025. In February, it launched a global over-the-counter (OTC) trading desk for digital assets, a move seen as a step toward a public listing.

The most notable precedent remains Coinbase, which became the first major U.S.-based crypto company to go public when it debuted on the Nasdaq in 2021.

FAQ

What is Circle?

Circle Internet Group, Inc. is a fintech company best known as the issuer of USD Coin (USDC), the second-largest stablecoin by market capitalization. The firm provides infrastructure for digital payments and blockchain-based financial services.

What is the total valuation of Circle after the IPO?

At its IPO price of $31 per share, Circle is valued at $6.9 billion based on more than 220 million outstanding shares.

When is Circle going public?

Circle is expected to debut on the New York Stock Exchange (NYSE) on June 5th, 2025.

Why did Circle delay its IPO in April?

Circle paused its IPO plans after market volatility triggered by tariff policy announcements from former President Trump, which disrupted numerous IPOs in the pipeline.

Will Circle pay dividends to shareholders?

No. According to its SEC filing, Circle plans to retain all earnings to fund further growth and development rather than issue dividends.