Crypto startup Circle files for $624M IPO, eyes $6.7B valuation amid stablecoin surge

Circle Internet is making another run at going public, this time with more grounded expectations.

The stablecoin issuer said Tuesday it’s aiming for a valuation of up to $6.71 billion on a fully diluted basis as part of its long-awaited U.S. IPO. Circle and some of its early backers are looking to raise up to $624 million, offering 24 million shares priced between $24 and $26, Reuters reported.

The news comes less than two months after Circle filed its S-1 with the SEC to list it on the New York Stock Exchange under the ticker symbol “CRCL.”

Circle’s pitch lands at a time when crypto companies are finding renewed interest on Wall Street, helped by a friendlier regulatory tone and improving market sentiment. The company’s core business centers on USDC, the second-largest stablecoin behind Tether, with over $60 billion in circulation.

There’s also a noticeable political tailwind. The Trump administration has been more open to crypto, signaling a shift to what it calls a more “rational” approach to regulating digital assets. That’s created space for companies like Circle to test public markets again.

“The outlook for crypto IPOs is better than at any point in the past 3 years or so,” said Matt Kennedy, senior strategist at Renaissance Capital.

Circle plans to offer 9.6 million shares, while Accel, General Catalyst, and other shareholders are offloading 14.4 million. Cathie Wood’s ARK Invest has already indicated interest in scooping up as much as $150 million worth of stock in the offering.

Circle’s IPO Push Marks Crypto’s Biggest Public Move Since Coinbase

This would be one of the largest crypto listings since Coinbase’s 2021 debut. It also follows Galaxy Digital’s recent move to the Nasdaq earlier this month, signaling more crypto-native firms are reentering public markets.

Circle had previously tried to go public in a $9 billion SPAC deal backed by Bob Diamond, but that fell apart in late 2022.

“Circle now returning to the public markets indicates regained confidence — but at a 25% lower valuation, which reflects more realistic market conditions and less frothy expectations,” said US Tiger Securities analyst Bo Pei.

Stablecoins in Focus

Founded in 2013, Circle is best known for issuing USDC, a dollar-pegged stablecoin used across crypto trading, DeFi, and payments. The company also launched EURC, pegged to the euro.

The IPO comes just as the U.S. Senate is advancing a stablecoin bill, which could bring clearer rules and push institutional adoption further.

Analysts at J.P. Morgan expect the stablecoin market to swell to $500 billion to $750 billion in the coming years — a big jump from current levels.

Circle plans to list under the ticker symbol CRCL on the New York Stock Exchange. The IPO is being led by J.P. Morgan, Citigroup, and Goldman Sachs.

Circle is the second-largest stablecoin by market cap. With around $60 billion in circulation, USDC accounts for roughly 26% of the stablecoin market, behind Tether’s 67%. But USDC’s growth has been picking up. Its market cap has jumped 36% this year, compared to Tether’s 5%.

The broader stablecoin sector is also gaining momentum, helped in part by a more favorable political climate. The crypto industry is hoping Congress will pass legislation focused on stablecoins later this year. Former President Donald Trump recently said he wants lawmakers to get a bill to his desk before the August recess.