Circle's IPO moves ahead, ending sale speculation

Bloomberg

Blockchain and digital currency company Circle is pushing forward with its initial public offering, the company said today, ending over a month of speculation about the fintech's future since first filing its S-1 with the Securities and Exchange Commission in April. 

Circle is looking to raise up to $642 million through the sale of 24 million shares of Class A common stock at a share price of $24 to $26 per share, according to the amended filing. That would put Circle's valuation at around $6 billion, larger than the $5 billion price tag that Coinbase and Ripple were seeking to pay to acquire the company, according to Reuters. 

Circle plans to list on the New York Stock Exchange under the ticker symbol CRCL. 

ARK Investment Management, Cathie Wood's investment fund, has indicated it wants to purchase up to $150 million worth of shares, according to the filing. 

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. 

"Circle's IPO isn't just a milestone for one company, it's a bellwether moment for the entire crypto ecosystem. Watching the issuer of USDC list on the New York Stock Exchange is a sign that digital assets are no longer operating on the margins. It's a validation of everything the industry has been building toward: real infrastructure, institutional integration, and public-market readiness," Austin King, co-founder of blockchain platform Omni Network, told American Banker in an email. 

"This moment cements stablecoins as more than just a crypto-native payment tool — they're already foundational financial infrastructure. Circle's decision to go public highlights how deeply integrated stablecoins like USDC are in global capital markets, and how much appetite there is to back a product that already powers billions in daily volume…This IPO is more than delayed momentum. It's a re-entry at a time when the market is paying attention again."

Stablecoin issuers and proponents of the digital currency have said that it lowers the cost while increasing the speed of payments, a plus for both consumers and businesses looking to pay, and get paid, quicker. But the wider impact to banks and payment companies – especially as it relates to deposits and fraud – is still unclear. 

Those concerns haven't stopped a number of payment companies from taking stablecoins mainstream. Stripe earlier this month issued a series of AI and blockchain products; Bank of America said it would consider launching its own stablecoin once regulations were finalized; Mastercard in May partnered with with cryptocurrency company MoonPay; and Visa in April partnered with Bridge, a Stripe subsidiary and stablecoin technology platform, to power card issuance.

Circle joins Chime, which filed for an IPO two weeks ago and reignited talks that the go-public window for fintechs had reopened.