Circle, the issuer of the USDC stablecoin, is preparing to go public amid overwhelming investor demand. According to Bloomberg, the volume of applications is already 25 times greater than the offering. The IPO could be priced at the upper limit of the range — $28 per share. If successfully placed, the company could raise up to $896 million.
Sources familiar with the situation report that the placement of Circle’s shares has generated a frenzy among investors. Demand has exceeded supply more than 25 times, and the final offering price may surpass the initially announced range. The company and several existing shareholders are offering 32 million shares — 8 million more than initially planned. The original plan was to sell 24 million shares priced between $24 and $26. The current range has been adjusted to $27–28.
If priced at the top end, the company would raise $896 million, bringing its market capitalization to around $6.2 billion. Including options, restricted shares, and warrants, the full valuation would reach $7.2 billion.
Focus on Long-Term Investors
According to sources, the allocation of shares will favor funds committed to holding them over the long term. Circle and its advisors are targeting stable investors to avoid sharp price swings after listing. The final placement price will be confirmed on the evening of June 5, New York time.
Interest From Major Players
Among the potential buyers of shares is ARK Investment Management, led by Cathie Wood, which may invest up to $150 million. Additionally, BlackRock Inc. intends to purchase approximately 10% of the total offering.
The IPO is being led by JPMorgan Chase & Co., Citigroup Inc., and Goldman Sachs Group Inc. After the offering, Circle shares will trade on the New York Stock Exchange under the ticker CRCL.
Regulatory Expectations and Sale Negotiations
The IPO is taking place amid discussions about the Genius Act, a stablecoin bill previously backed by the U.S. Senate. New regulations could bring legal clarity to the asset, making it more attractive to institutional investors. As of the end of March, USDC’s market share among stablecoins was 29%, according to a report citing CoinMarketCap.
It was also previously reported that Circle is simultaneously preparing for its IPO and holding talks about a potential sale of the business. Potential buyers include Coinbase and Ripple. The company values itself at no less than $5 billion, but a final agreement on the deal has not yet been reached.
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