Circle IPO Surges on NYSE Debut, Valued at $6.9 Billion as Investor Demand Soars
Circle Internet Group, the issuer of the USDC stablecoin, made a striking debut on the New York Stock Exchange (NYSE) today under the ticker symbol CRCL, raising $1.1 billion in its initial public offering (IPO) and achieving a market valuation of $6.9 billion. The company sold 34 million shares at $31 each, pricing well above its expected range of $27 to $28 per share due to overwhelming investor demand. The offering was oversubscribed 25 times, with major institutional backing from BlackRock and ARK Invest.
The IPO marks a significant milestone for both Circle and the broader cryptocurrency industry. It is the largest crypto-related public listing since Coinbase’s 2021 debut, and the first major IPO by a stablecoin issuer, highlighting growing mainstream acceptance of digital assets and stablecoins as part of the global financial system.
Circle’s upsized offering was led by underwriters J.P. Morgan, Citigroup, and Goldman Sachs, with a 30-day option granted to purchase an additional 5.1 million shares to cover over-allotments. The company initially aimed to raise $624 million by selling 24 million shares, but strong demand prompted multiple increases in both the share count and offering price.
Founded in 2013 and led by CEO Jeremy Allaire, Circle is best known for issuing USDC, the world’s second-largest stablecoin with a 27% market share. The company reported a net income of $156 million on $1.68 billion in revenue in 2024, though this was a decrease from the previous year. Proceeds from the IPO are expected to fund acquisitions, international expansion, and product development, as Circle continues to position itself as a central player in the evolving digital finance landscape.
The successful listing is seen as a bellwether for the recovering tech IPO market and could pave the way for other crypto and fintech firms to go public, especially amid a more crypto-friendly U.S. regulatory environment. Early trading indications suggested Circle shares could open significantly above the IPO price, reflecting robust investor confidence in the company’s future prospects and the stablecoin sector at large.