Stablecoin Issuer Circle (USDC) to Hold IPO in New York

Circle Internet Group, the company behind the leading USDC (USDC) stablecoin, has filed to hold an initial public offering (IPO) and list shares on the New York Stock Exchange (NYSE).

In its IPO prospectus, Circle said it plans to offer 24 million of its class A shares for sale. It also expects to grant the underwriters a 30-day option to buy up to 3.6 million shares. The IPO price is expected to be between $24 and $26 per share and give Circle a valuation of $6.7 billion.

Based on the higher end of the price range, Circle could raise about $250 million from the share sale. Wall Street banks JPMorgan Chase (JPM), Citigroup (C), and Goldman Sachs (GS) are leading the IPO. Circle is expected to trade under the ticker symbol “CRCL.”

Try and Try Again

The exact date for the IPO is not yet known. However, Circle has been trying to go public for four years. In 2021, Circle tried to go public through a special purpose acquisition company (SPAC), but that deal ended up falling apart as the market for SPACs collapsed.

This April, the firm filed with the U.S. Securities and Exchange Commission (SEC) to go public but later delayed the IPO as the stock market plunged amid U.S. President Donald Trump’s tariff push. There have also been reports that Circle had put itself up for sale and was seeking a $5 billion price tag. However, no suitors emerged for the company.

Stablecoins are cryptocurrencies whose value is pegged to another asset, typically the U.S. dollar or price of gold. In crypto circles, stablecoins are becoming an increasingly popular investment vehicle due to their lack of volatility.

Is BTC a Buy?

Most Wall Street firms don’t offer ratings or price targets on stablecoins, so we’ll look instead at Bitcoin’s (BTC) three-month performance. As one can see in the chart below, the price of BTC has risen 30% in the last 12 weeks.