365Crypto
Circle, the company behind USDC, is heading for the big leagues. It just launched a 24 million-share IPO on the New York Stock Exchange, aiming for a $6.7 billion valuation.
Circle will sell 9.6 million shares of Class A common stock. Existing shareholders are offloading 14.4 million shares. They might also offer up to 3.6 million more if demand is high. The stock ticker? CRCL.
The IPO price is expected between $24 and $26 per share, which could raise up to $624 million.
Big investment banks like JPMorgan, Goldman Sachs, and Citigroup are running the show. European players like Barclays and Deutsche Bank are joining in too. Even ARK Invest might grab $150 million worth of shares—but nothing’s guaranteed.
Important side note: Circle won’t see any money from the shares sold by current stockholders.
The IPO depends on market vibes. If things feel shaky, Circle could hit pause.
Founded in 2013, Circle is known for USDC, the second-biggest stablecoin behind Tether. USDC has a market cap of $61.5 billion. Tether? A whopping $152.7 billion.
Circle tried to go public once before in 2021 through a SPAC. It didn’t work out. This time, they’re aiming for full transparency, says CEO Jeremy Allaire. Being listed means tighter rules and more accountability.
Meanwhile, Tether’s CEO says they don’t need an IPO. Must be nice.
Stablecoin: A type of cryptocurrency whose value is tied to something stable like the US dollar.
IPO (Initial Public Offering): When a private company starts selling shares to the public.
SPAC: A shell company created to take a private company public without a traditional IPO.
