Catenaa, Thursday, May 29, 2025-Stablecoin issuer Circle aims to raise $600 million through its upcoming initial public offering, according to an updated S-1 filing submitted Tuesday to the US Securities and Exchange Commission (SEC).
The company plans to offer 24 million shares of Class A common stock at a price range of $24 to $26, targeting a valuation of approximately $5.43 billion.
Circle itself will issue 9.6 million shares, while existing shareholders will offload 14.4 million. An additional 3.6 million shares may be sold to cover over-allotments.
Circle has applied to list on the New York Stock Exchange under the ticker symbol “CRCL.” JPMorgan, Citigroup and Goldman Sachs will serve as lead underwriters for the offering. ARK Investment Management has expressed interest in purchasing up to $150 million in shares, although no binding commitments have been confirmed.
The IPO proceeds, based on a midpoint price of $25 per share, would bring Circle around $240 million in fresh capital. Existing shareholders could realize roughly $360 million.
Circle’s move to go public follows its April IPO filing and comes after the firm publicly denied reports of acquisition talks with Coinbase and Ripple, reaffirming its commitment to long-term independence. CEO Jeremy Allaire previously framed the IPO as part of Circle’s mission for greater transparency.
The company canceled a previous SPAC merger in 2022 that valued it at $9 billion. Today, Circle’s USDC is the second-largest stablecoin, with a market cap of $62.1 billion, trailing only Tether’s USDT.
