Key Takeaways:
Circle aims to raise up to $624 million through its initial public offering (IPO) on the New York Stock Exchange, using the ticker symbol “CRCL.”
The company turned down a $4–5 billion acquisition proposal from Ripple, opting instead for independent growth.
Circle is broadening its international presence, having received regulatory approval in Abu Dhabi and forging additional partnerships.
Circle, the creator of the USDC stablecoin, has officially launched its IPO with the ambition of garnering up to $624 million on the New York Stock Exchange under the ticker “CRCL.”
The fintech company plans to issue 9.6 million shares of Class A common stock, with selling shareholders contributing an additional 14.4 million shares, as detailed in a press release dated May 27.
The anticipated price range for the IPO is between $24 and $26 per share, and underwriters have been allotted a 30-day option to acquire up to 3.6 million additional shares to manage over-allotments. Should this option be fully exercised, the total offering could reach 27.6 million shares.
Circle’s Long-Awaited IPO Signals New Era for Stablecoin Giant
This IPO represents the much-anticipated public entry of Circle, marking a transformative moment for this key player in the stablecoin landscape.
The move occurs amidst heightened regulatory scrutiny facing digital asset firms, with market observers keen to assess sentiment regarding crypto infrastructure companies listed publicly.
J.P. Morgan, Citigroup, and Goldman Sachs have been appointed as lead bookrunners for the offering.
Other prominent banks, including Barclays, Deutsche Bank, and Société Générale, are also serving as bookrunners, with a range of co-managers such as BNY Capital Markets, Canaccord Genuity, Oppenheimer & Co., and Santander involved in the process.
STABLECOIN GIANT CIRCLE FILES FOR IPO — POLYMARKET PRICES AN 89% CHANCE IT HAPPENS pic.twitter.com/SgRARN8629
— Shay Boloor (@StockSavvyShay) May 27, 2025
Several investment firms with a focus on diversity will participate as junior co-managers in this offering.
Currently, Circle’s filing with the U.S. Securities and Exchange Commission (SEC) is pending, meaning the offering is still subject to market conditions and regulatory approval.
The company initially sought to go public through a SPAC merger with Concord Acquisition Corp in 2021, but that arrangement was mutually dissolved in 2022.
Since that time, Circle has established itself as a pivotal player in the infrastructure supporting dollar-backed stablecoins, with USDC boasting a market capitalization exceeding $32 billion.
If successful, Circle’s IPO would stand out as one of the largest public offerings by a crypto-focused enterprise since Coinbase’s listing in 2021.
Circle Rejects Ripple’s $5B Bid
The proposal was viewed as inadequate, leading Circle to persist in its pursuit of an independent public offering.
Additionally, Circle has obtained in-principle approval from the Abu Dhabi Financial Services Regulatory Authority for its operations as a money services business in the region.
This achievement follows the company’s recent incorporation in the UAE and its efforts to expand its regulatory reach in the Middle East.
Circle has also established a partnership with Hub71, a government-supported technology hub in Abu Dhabi.
This collaboration will enable Circle to experiment with its stablecoin products, such as USDC and EURC, within a localized regulatory sandbox, reflecting the intensifying competition in the stablecoin market.
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