Circle, the USDC stablecoin issuer, has filed to go public under the ticker “CRCL” through an initial public offering on the New York Stock Exchange (NYSE), according to a May 27 announcement.
The firm plans to offer 24 million shares of Class A common stock as part of the listing. Circle will directly issue 9.6 million of the total shares, while existing shareholders intend to sell 14.4 million.
The IPO price is expected to range between $24 and $26 per share. Based on this pricing, the offering could raise as much as $624 million.
Circle will receive only around $250 million from its deal share. However, if underwriters exercise their full overallotment option to purchase an additional 3.6 million shares, the stablecoin issuer could raise $343.2 million.
Meanwhile, the offering remains subject to regulatory approval and broader market conditions.
Circle’s IPO move gets Wall Street backing
Major US financial institutions like JPMorgan Chase, Goldman Sachs, and Citigroup are backing Circle’s IPO offering. These firms are leading the process as joint active bookrunners.
They are joined by other leading banks, including Barclays, Deutsche Bank Securities, and Société Générale, who will act as bookrunners.
Additional support comes from BNY Capital Markets, Canaccord Genuity, Needham & Company, Oppenheimer & Co., and Santander, which are listed as co-managers.
Other firms included in the deal are AmeriVet Securities, Drexel Hamilton, Mischler Financial Group, and Roberts & Ryan. These firms will serve as junior co-managers.
What does this mean for the market?
This IPO filing signals Circle’s growing ambitions in traditional finance.
The move would give investors a new channel for exposure to the expanding stablecoin market, and Circle’s success could set a precedent for other crypto-native firms eyeing public listings.
Notably, Circle’s move arrives amid renewed institutional interest in digital assets. Recently, reports suggested that top US banks, including JPMorgan, are collaborating on a stablecoin project.
It also follows recent speculation linking Ripple and Coinbase to a potential acquisition of Circle. However, the stablecoin issuer has denied these reports.
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