Circle, a leading stablecoin issuer, has officially filed for an initial public offering (IPO) under the ticker symbol “CRCL” on the New York Stock Exchange (NYSE). The announcement, made on May 27, revealed that the company plans to offer 24 million shares of Class A common stock as part of the listing. Of the total shares, 9.6 million will be issued directly by Circle, while existing shareholders are looking to sell 14.4 million shares.
The IPO price is expected to fall within the range of $24 to $26 per share. With this pricing, Circle could potentially raise up to $624 million from the offering. However, the company will only receive around $250 million from its share of the deal. If underwriters decide to exercise their full overallotment option to purchase an additional 3.6 million shares, Circle could potentially raise $343.2 million.
It is important to note that the offering is still subject to regulatory approval and overall market conditions.
Circle’s IPO has garnered support from major US financial institutions such as JPMorgan Chase, Goldman Sachs, and Citigroup, who are leading the offering as joint active bookrunners. Additional banks like Barclays, Deutsche Bank Securities, and Société Générale will act as bookrunners, while BNY Capital Markets, Canaccord Genuity, and others are listed as co-managers and junior co-managers.
This move by Circle signifies the company’s increasing interest in traditional finance and demonstrates its ambitions in the market. The IPO could provide investors with a new opportunity to gain exposure to the growing stablecoin market, and the success of Circle’s public listing could potentially pave the way for other crypto-native firms looking to go public.
The filing comes at a time of renewed institutional interest in digital assets, with reports indicating that major US banks are collaborating on a stablecoin project. Additionally, there have been rumors linking Ripple and Coinbase to a potential acquisition of Circle, although the stablecoin issuer has denied these claims.
Overall, Circle’s IPO filing has significant implications for the market and could potentially shape the future of digital asset offerings. Investors will be closely watching as the company moves forward with its public listing and navigates the evolving landscape of traditional finance and cryptocurrency integration.