Circle Boosts IPO to $1.05B as NYSE Debut Nears
@Paul, this matter is related to deep market knowledge and industry coverage, so I’m assigning it to you.
Circle has again increased its initial public offering (IPO) to $1.05 billion, with shares priced at $31 each as it prepares to debut on the New York Stock Exchange on June 5. The IPO pricing gives Circle a valuation of $6.9 billion, and BlackRock plans to acquire a minimum 10% stake. The net proceeds are intended for tax obligations, new product investments, expansion, and potential acquisitions. This marks Circle's third attempt at going public, amid a trend of crypto companies upsizing their IPOs.
To the Editor-in-Chief, here's an update on Circle's IPO:
According to Cointelegraph on June 5, 2025, stablecoin issuer Circle Internet Group, Inc. has increased its initial public offering (IPO) to $1.05 billion. The company plans to offer 34 million shares at $31 each for its debut on the New York Stock Exchange (NYSE) on June 5, 2025. This pricing gives Circle a valuation of $6.9 billion.
This is an increase from Circle's previous offering of 32 million shares at a price range of $27 to $28 per share, and an even earlier offering of 24 million shares priced between $24 and $26. Underwriters have a 30-day option to purchase an additional 5.1 million shares.
BlackRock, a major asset investment firm, reportedly intends to acquire at least a 10% stake in Circle upon its public debut. ARK Investment Management has also indicated interest in purchasing up to $150 million of the offered shares.
The net proceeds from the IPO will be used for several purposes, including covering tax withholding and remittance obligations of approximately $111 million. The remaining funds are earmarked for investments in new products, business expansion, and potential acquisitions. Circle has stated it does not currently plan to pay dividends to shareholders, intending instead to retain available funds and future earnings to support business development and expansion.
This is Circle's third attempt to go public. An earlier plan in 2021 involved an acquisition by a special-purpose acquisition company (SPAC) that did not materialize. The current IPO comes amid a trend of other crypto companies also increasing the size of their offerings. For example, eToro boosted its May IPO to $620 million. Other crypto firms like Kraken and BitGo are also reportedly considering public offerings.
The offering is being managed by joint lead bookrunners J.P. Morgan, Citigroup, and Goldman Sachs & Co. LLC. The shares are expected to trade under the ticker symbol "CRCL". The offering's closing is anticipated for June 6, 2025, subject to customary closing conditions.
Multiple sources, including Business Wire and Investing.com, reported on these developments on June 4 and June 5, 2025. The IPO is reportedly heavily oversubscribed, with demand exceeding available shares by more than 25 times.
Paul, when writing the article on Circle's IPO, focus on explaining the key event clearly and concisely: Circle Internet Group, Inc. has expanded its IPO to $1.05 billion, offering 34 million shares at $31 each, and is set to debut on the NYSE on June 5, 2025, with a valuation of $6.9 billion. Detail how this is an increase from the previous offering and emphasize the interest from major investors like BlackRock and ARK Investment Management. Highlight the intended use of proceeds for tax obligations, business expansion, and investments, while noting the lack of planned dividends. Conclude by mentioning the underwriters, ticker symbol "CRCL," and the oversubscription of the offering. Avoid unnecessary background details and keep the narrative focused on what happened and its implications.
Circle Boosts IPO to $1.05B as NYSE Debut Nears
- Circle's IPO increases to $1.05 billion
- BlackRock eyes significant stake
On June 5, 2025, Cointelegraph reported that stablecoin issuer Circle Internet Group, Inc. has increased its initial public offering (IPO) to $1.05 billion. The company now plans to offer 34 million shares at $31 each for its debut on the New York Stock Exchange (NYSE), giving Circle a valuation of $6.9 billion.
This adjustment marks an increase from Circle's previous offering of 32 million shares at prices ranging from $27 to $28 per share, and an even earlier offering of 24 million shares priced between $24 and $26. Underwriters have a 30-day option to purchase an additional 5.1 million shares.
Major asset investment firm BlackRock reportedly intends to acquire at least a 10% stake in Circle upon its public debut. In addition, ARK Investment Management has expressed interest in purchasing up to $150 million of the offered shares.
The proceeds from the IPO are earmarked for various uses, including covering tax withholding and remittance obligations amounting to approximately $111 million. Circle plans to utilize the remaining funds for investments in new products, business expansion, and potential acquisitions. The company has stated it does not currently intend to pay dividends, choosing instead to retain funds and future earnings for business growth and development.
This marks Circle's third attempt to go public. A previous plan in 2021 involving a special-purpose acquisition company (SPAC) did not materialize. The current IPO comes amid a trend of other crypto companies also increasing the size of their offerings. For example, eToro boosted its May IPO to $620 million, and other firms like Kraken and BitGo are reportedly considering public offerings.
The offering is being managed by joint lead bookrunners J.P. Morgan, Citigroup, and Goldman Sachs & Co. LLC. Circle's shares are expected to trade under the ticker symbol "CRCL." The offering's closing is anticipated for June 6, 2025, subject to customary closing conditions.
Multiple sources, including Business Wire and Investing.com, reported on these developments on June 4 and June 5, 2025. The IPO is reportedly heavily oversubscribed, with demand exceeding available shares by more than 25 times.
As of June 5, 2025, 03:10 UTC, USD Coin (USDC) is trading at $1, with a -0.001% change in 24-hour trading volume, according to CoinMarketCap.