Circle Internet Group has officially joined the public markets, raising US$1.05 billion in one of the most anticipated IPOs of the year, according to Fortune.
The firm had previously attempted to go public in 2021 via a SPAC merger but ultimately pulled the deal.
On Wednesday, it completed its long-awaited listing by selling 34 million shares at US$31 each, pricing above its revised range.
Earlier in the week, Circle had raised expectations by increasing the offering size to 32 million shares at US$27 to US$28 apiece, a jump from the original plan to offer 24 million shares between US$24 and US$26.
Circle begins trading on the New York Stock Exchange under the ticker symbol “CRCL” today (5 June).
At the final share price, the company commands a valuation of approximately US$8.06 billion, including outstanding shares, stock options, restricted stock units, and warrants.
A total of 15 investment banks were involved in the offering, with J.P. Morgan, Citigroup, and Goldman Sachs acting as lead underwriters.
Founded in 2013 by Jeremy Allaire and Sean Neville, Circle is known for issuing USD Coin (USDC), a widely used stablecoin.
Neville stepped down as co-CEO in 2019, leaving Allaire to lead the company.
The firm has raised over US$1.1 billion from investors such as BlackRock and Coinbase, according to Crunchbase.
In terms of financials, Circle reported a net income of US$156 million for fiscal year 2024, a decrease from the US$268 million earned the previous year.
Still, quarterly earnings improved, with the company posting US$65 million in profit for the first quarter of 2025, up from US$49 million during the same period in 2024.
According to the company’s prospectus, Allaire is selling 1,582,160 shares in the offering, which would generate approximately US$49 million at the IPO price.
He will retain a 23.7% voting stake after the listing.
Featured image: Edited by Fintech News Singapore, based on image by tahantanha10 via Freepik
