Circle Internet Financial has finalized its IPO, raising $1.05 billion through an upsized offering priced at $31 per share. The stablecoin issuer begins trading on the New York Stock Exchange under the ticker CRCL. Strong investor demand positions Circle among 2025’s largest U.S. listings, securing its long-awaited entry into public markets.
Circle Raises $1.05 Billion in Strong Market Debut
Circle sold 34 million shares, with 14.8 million new shares and 19.2 million from existing shareholders. The IPO pricing values the company at $6.9 billion based on listed shares and $8.1 billion fully diluted. High interest from institutions drove oversubscription by more than 25 times before the offering closed.
BlackRock plans to acquire about 10% of the IPO allocation, reinforcing institutional confidence in Circle. ARK Invest also showed interest, indicating plans to purchase up to $150 million in shares. The offering’s scale and demand highlight renewed investor appetite for crypto-adjacent public equities.
This offering follows Circle’s abandoned 2022 SPAC merger that had targeted a $9 billion valuation. This time, the company opted for a traditional IPO after filing confidentially earlier this year. The current market conditions and improved regulatory signals supported Circle’s successful market entry.
USDC Drives Financial Growth and Stability
Circle’s revenue reached $1.68 billion last year, fueled by reserve income and USDC-based services. Despite a drop in net income to $156 million from $268 million, overall fundamentals remain stable. The company’s reserve-backed model helps maintain USDC’s trust and liquidity.
USDC, Circle’s flagship stablecoin, had more than $61 billion in circulation as of May 29. According to CoinMarketCap data, it currently represents about 29% of the global stablecoin market. Growing usage in trading, payments, and DeFi platforms sustains demand for USDC.
Circle’s reserves are managed through a government money market fund operated by BlackRock, holding $53.3 billion in assets. The reserves reportedly include 90% in short-term U.S. Treasury instruments. This backing strengthens USDC’s peg and operational credibility in financial markets.
Strategic Expansion and Infrastructure Services
In addition to USDC, Circle also issues EURC, a euro-backed stablecoin for cross-border financial applications. The company also offers digital currency infrastructure and payment APIs for enterprise customers, permitting enterprises to begin using stablecoins in netting and payment operations.
Circle has a global expansion strategy that involves partnerships, upgrades for blockchain ecosystems, and infrastructure. The firm has a powerful role as it is present in regulatory discussions and compliance frameworks. Its goal is to link blockchain-powered digital assets to traditional financial systems.
The company’s alignment with institutional players gives it a competitive edge in a tightening market. As regulatory clarity improves, Circle positions itself as a stable intermediary between centralized finance and decentralized technologies. Its business model integrates stablecoin issuance, compliance, and liquidity provisioning.
FAQs
When did Circle complete its IPO?
Circle completed its IPO on Wednesday and started trading on the New York Stock Exchange the following day.
How much did Circle raise from the IPO?
The company raised $1.05 billion from the IPO through a combination of new and existing shareholder stock sales.
What is Circle’s valuation after the IPO?
Circle’s valuation stands at $6.9 billion on a listed basis and approximately $8.1 billion fully diluted.
What percentage of the stablecoin market does USDC hold?
USDC currently holds around 29% of the global stablecoin market, making it the second-largest by circulation.
5. Who are the major investors in the IPO?
BlackRock and ARK Invest emerged as significant institutional participants in the IPO allocation.
Glossary of Key Terms
Circle: A financial technology firm behind the USDC and EURC stablecoins.
USDC: A U.S. dollar-pegged stablecoin issued by Circle, widely used in crypto payments and trading.
IPO: Initial Public Offering, the first time a company offers shares to the public.
Stablecoin: A cryptocurrency that maintains a stable value by being backed by reserve assets.
NYSE: The New York Stock Exchange, where Circle is now listed under the ticker CRCL.
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