First Stablecoin IPO Lands on NYSE: Circle Raises $1.1B as Investors Bet on Regulated Digital Dollars

2025/06/05 14:49

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Circle Sets IPO Price at $31, Raises $1.1 Billion as Demand Surges Past Expectations

Stablecoin issuer Circle has finalised its initial public offering at $31 per share, raising $1.1 billion after expanding the size of the deal in response to strong investor demand.

The pricing pushes Circle’s valuation to $6.9 billion based on its existing shares, and around $8.1 billion on a fully diluted basis, factoring in stock options and warrants.

Shares are set to begin trading on the New York Stock Exchange under the ticker CRCL on 5 June.

Circle IPO today at 5:00pm $CRCL #CryptoCommunity $XRP @RobinhoodApp pic.twitter.com/YJuCLpfRyL
— 🪙 CryptoAnt (@MCBBreezy_) June 4, 2025

IPO Demand Grows Amid Stablecoin Momentum

Initially planning to sell 24 million shares within a $24–$26 price range, Circle progressively raised expectations over the past week, first adjusting its target to 32 million shares at $27–$28, and eventually selling 34 million shares at $31 apiece.

Circle IPO NASDAQ: CRCL priced at $31 just got the email - it’s on. pic.twitter.com/UtcpiWjNuJ
— MartyParty (@martypartymusic) June 5, 2025

The expanded offering reflects a notable rise in interest around digital finance firms, particularly those with exposure to dollar-pegged assets.

Samuel Kerr, head of equity capital markets at Mergermarket, said,

“There’s clearly a divide in investor appetite. Institutional demand is leaning towards stablecoins and platforms tied to real-world benchmarks like the dollar, rather than speculative cryptocurrencies.”

Backed by Heavyweights Like BlackRock and ARK

BlackRock, which already manages the $53.3 billion reserve fund backing USDC, is reportedly purchasing 10% of the IPO shares, according to Bloomberg sources.

ARK Invest has also signalled interest in buying up to $150 million worth of shares, highlighting confidence in Circle’s role within the crypto-finance ecosystem.

Circle’s transparency and reserve structure have played a role in drawing this attention.

$CRCL: First stablecoin on NYSE analysis

1. Circle is a leveraged "uninsured money market fund": Profits are dependent on US T-bill spreads. IPO priced at $27-28/share, with ARK and BlackRock interested in investing 10%, said to be over 25x oversubscribed.

2. Two major cost… pic.twitter.com/76u7BPtAC2
— Rui (@ruiixyz) June 4, 2025

Despite not yet conducting a full audit of its reserves, Circle publishes monthly attestations from Deloitte confirming the one-to-one backing of USDC with liquid assets.

How Circle Grew into a Key Player in Digital Finance

Founded in 2013, Circle was among the first digital asset firms to receive a New York BitLicense, awarded in 2015.

Over the years, it has positioned itself as one of the most compliant crypto companies in the U.S., issuing both USDC and EURC—its euro-denominated stablecoin.

USDC currently holds 24.5% of the global stablecoin market, with $61.5 billion in circulation, second only to Tether’s USDT, according to CoinGecko.

The company has steadily grown into a global presence, benefitting from both regulatory clarity and investor confidence in its reserve-backed structure.

Profits Show Resilience Despite Market Shifts

In its April filing with the U.S. Securities and Exchange Commission, Circle reported $1.68 billion in revenue and $156 million in net income for 2024.

While that marks a dip from $268 million in net profit in 2023, the figures reflect consistent financial performance following a sharp rebound from a $768 million net loss in 2022.

🚨 Circle Files for IPO

$1.7B revenues (+16% y/y)
$285M EBIDTA (-29% y/y)
$155M Net Income (-42%) pic.twitter.com/qHldPakfRr
— matthew sigel, recovering CFA (@matthew_sigel) April 1, 2025

The company’s growth trajectory is also evident when looking back at 2020, when it generated just $15.4 million in revenue.

The leap in earnings over a five-year span reflects the rising demand for stablecoins and the maturing role of tokenised finance in global markets.

One of the Largest Crypto Listings Since Coinbase

Circle’s flotation is among the biggest public offerings in the U.S. this year and one of the most significant in the crypto sector since Coinbase debuted in 2021.

It also comes amid renewed interest in crypto-friendly policies under President Donald Trump’s administration, which has promised a lighter regulatory touch on digital assets.

As stablecoin legislation moves through Congress—including the proposed GENIUS Act—investors are increasingly watching companies like Circle that sit at the intersection of blockchain technology and traditional finance.

With major banks including J.P. Morgan, Goldman Sachs, and Citigroup leading the offering, Circle’s listing places it in the spotlight as it transitions into the public market.

“Circle IPO is said to be 25 times over subscribed” …because Cathie already set to run it up!

…we are just waiting on all the theatrics to be over. The stage has been set a long time ago! $CRCL $XRP $XLM $LINK $RLUSD $USDT pic.twitter.com/IwLjkkQrDh
— Cryptoe Roy (@cryptoe_roy) June 4, 2025

Circle

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First Stablecoin IPO Lands on NYSE: Circle Raises $1.1B as Investors Bet on Regulated Digital Dollars

Circle Sets IPO Price at $31, Raises $1.1 Billion as Demand Surges Past Expectations

IPO Demand Grows Amid Stablecoin Momentum

Backed by Heavyweights Like BlackRock and ARK

How Circle Grew into a Key Player in Digital Finance

Profits Show Resilience Despite Market Shifts

One of the Largest Crypto Listings Since Coinbase

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