Circle, backers seek $896 million after boosting IPO size

Bloomberg

Circle Internet Group and its shareholders have increased the size and price of the company's initial public offering, suggesting strong investor demand for the stock.

The stablecoin issuer and some of its backers are now offering 32 million shares at a price range of $27 to $28 a pop, according to a filing Monday with the Securities and Exchange Commission. Circle and the selling shareholders were previously offering 24 million shares at a range of $24 to $26 each.

The sale could raise as much as $896 million at the top of the new range and hand Circle a market capitalization of nearly $6.2 billion, according to Bloomberg calculations. Accounting for employee stock options, restricted share units and warrants, the company would have a fully diluted value of about $7.2 billion.

The IPO has drawn orders for stock in double-digit multiples of the shares available, according to people familiar with the matter. The offering is set to close to orders at 4 p.m. New York time on Tuesday, the people said, asking not to be identified as the information isn't public.

A representative for Circle declined to comment.

The news comes as the U.S. sees IPO activity restart after tariff-induced volatility ground the market to a halt earlier this quarter. Online trading platform Etoro Group went public in New York last month, after previously postponing its inaugural share sale.

ARK Investment Management, the technology-focused firm founded by Cathie Wood, is interested in buying as much as $150 million of shares in Circle's IPO, according to the filing. BlackRock plans to acquire about 10% of the IPO shares, people familiar with the matter have said.

The IPO is being led by JPMorganChase, Citigroup and Goldman Sachs. The deal is set to price on Wednesday, according to documents seen by Bloomberg News. The company is expected to trade on the New York Stock Exchange under the symbol CRCL.

Circle is best known as the issuer of USDC, a fully backed digital currency pegged to the U.S. dollar that can be used for faster cross-border payments. There was about $60 billion of USDC in circulation as of March 31, 2025, according to the company. Circle has also launched a payment network, called Circle Payments Network, which connects financial institutions, banks, payment companies and digital wallets to process payments instantly in different currencies and markets.

Circle's long-awaited IPO spells good news for the wider cryptocurrency and stablecoin market, which has been eagerly awaiting clearer federal regulation from the GENIUS Act. Circle first mulled going public through a reverse merger with special purpose acquisition vehicle Concord Acquisition Corp. in July 2021, and later terminated that agreement in December 2022. 

—Joey Pizzolato contributed to this article.