(Reuters) – Circle Internet announced on Tuesday its objective to achieve a valuation of up to $6.71 billion on a fully diluted basis through its upcoming initial public offering (IPO) in New York, aiming to capitalize on the increasing enthusiasm surrounding cryptocurrencies.
Under the administration of President Donald Trump, there has been a welcoming approach toward cryptocurrencies, promising a more “rational” framework for regulating digital assets, which is motivating companies in the sector to consider public listings.
Based in New York, Circle, along with its existing investors, plans to generate up to $624 million by offering 24 million shares, with a pricing range set between $24 and $26 per share.
Notably, Cathie Wood’s ARK Investment Management has expressed interest in acquiring up to $150 million worth of shares in Circle’s IPO.
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In this offering, Circle is making available 9.6 million shares, while selling shareholders, including venture capital heavyweights Accel and General Catalyst, will dispose of 14.4 million shares.
Founded in 2013, Circle is best known for operating the stablecoin USDC, which boasts a market capitalization exceeding $60 billion, as per data from crypto market tracker CoinGecko.
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Stablecoins are digital currencies that maintain their value against a stable asset to guard against extreme fluctuations, with USDC being tied to the U.S. dollar.
The upcoming public offering for Circle marks a significant moment in the cryptocurrency sector, being among the largest listings since the debut of Coinbase Global in 2021.
Earlier this month, Galaxy Digital, the cryptocurrency investment firm led by Mike Novogratz, also made its Nasdaq debut.
Circle previously attempted to go public with a $9 billion merger with a special purpose acquisition company (SPAC) backed by Bob Diamond; however, that deal collapsed in late 2022.
The company has engaged 15 banks for the IPO and is set to list on the New York Stock Exchange under the ticker symbol “CRCL.”
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J.P. Morgan, Citigroup, and Goldman Sachs are leading the underwriting for this offering.
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(Reporting by Arasu Kannagi Basil and Pritam Biswas in Bengaluru; Editing by Shinjini Ganguli)
