- Circle increases its IPO to 32 million shares at $27–28 each
- The offering could raise up to $896 million and value the company near $6.2 billion
- Major investors like ARK and BlackRock have pledged to purchase shares
Stablecoin issuer Circle Internet Group Inc. is set to join the public markets this week after sharply expanding its initial public offering. The company and certain shareholders have lifted the deal to 32 million shares, raising the price range to $27–28 per share from an earlier 24 million at $24–26. Orders are reportedly running at many times the available shares, with books due to close at 4 p.m. ET on Tuesday, June 3. Trading is expected on the New York Stock Exchange under the symbol CRCL following final pricing on June 4.
Circle IPO Scale Reflects Robust Demand
The revised terms point to proceeds of up to $896 million, implying a market capitalization near $6.2 billion on a basic share count. When stock options, restricted units and warrants are included, the fully diluted valuation approaches $7.2 billion. That jump from the earlier target underlines solid appetite for new equity after a quiet spring in the U.S. market, when heightened trade-policy uncertainty had slowed issuance. By taking advantage of the renewed window, the company positions itself alongside recent debutant eToro Group Ltd., whose own flotation last month signalled a reopening of the pipeline for fintech listings. Orders for Circle stock have been described as running “double-digit multiples” of supply, a ratio rarely seen since the 2021 boom and one that gives underwriters room to price at the upper end of the range.
Circle revenue streams and valuation metrics
Investors are weighing Circle’s revenue streams from USDC issuance fees, interest income on the reserve portfolio, and strategic partnerships across payments and Web3 infrastructure. While the prospectus outlines year-on-year revenue growth in the mid-double digits, the valuation will also be judged against listed peers in payments and stablecoin services. At the top of the range, Circle would trade at roughly 14 times last year’s reported adjusted EBITDA, a level that sits between fast-growing payments firms and more mature exchange operators. The company’s scale in dollar-backed stablecoins—USDC held an average circulating supply of about $33 billion during the first quarter—creates a fee base that correlates to Treasury yields, giving analysts a metric to benchmark future earnings as interest-rate expectations shift.
Strategic Investors and Lead Banks Strengthen the Launch
Commitments from well-known institutions add weight to the transaction. ARK Investment Management signalled interest in purchasing up to $150 million of the float, while BlackRock Inc. intends to pick up around 10% of the shares on offer, according to people familiar with the allocations. The book is being built by a trio of global coordinators—JPMorgan Chase & Co., Citigroup Inc. and Goldman Sachs & Co.—whose combined distribution power can tap both traditional equity accounts and funds focused on digital-asset infrastructure. Their involvement, alongside existing backers such as Fidelity and Marshall Wace, broadens the shareholder base and signals confidence in the governance standards required of a public‐company issuer of a dollar-denominated reserve asset.
Conclusion
With firm commitments from blue-chip investors, oversubscribed books and a top-tier underwriting syndicate, Circle’s deal is shaping up as the most closely watched fintech offering of early summer. Final pricing on June 4 will crystallise a valuation built on the steady expansion of USDC and its growing role in global payments. Market participants will be monitoring the first days of trading for clues on broader risk appetite, but the strong demand already recorded suggests a warm reception for the stock as it lists under CRCL.
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