Stablecoin giant Circle (CRCL) will debut on the NYSE tonight! Increasing fundraising scale to $1.1 billion, priced at $31 per share, exceeding expectations.

Circle Internet Group (CRCL.US) and some of its shareholders expanded the size of its initial public offering (IPO) on Wednesday, raising nearly $1.1 billion and pricing above the previous market expectation range, signaling that stablecoin issuers are gaining broader market acceptance. According to a statement, the company and its co-founder and CEO, Jeremy Allaire, sold 34 million shares at a price of $31 per share. The IPO, led by JPMorgan Chase, Citigroup, and Goldman Sachs Group, Inc., is expected to list on the New York Stock Exchange on Thursday under the ticker symbol CRCL. Based on the number of circulating shares listed in Circle filings, this pricing values the company at $6.9 billion. Including employee stock options, restricted stock units, and warrants, the company's fully diluted valuation is approximately $8.1 billion. The IPO comes as stablecoins (digital tokens typically pegged to the US dollar or other currencies) are on the verge of being regulated by the US Congress, potentially giving stablecoins greater legitimacy and attracting competitors. Several large Wall Street banks are exploring whether to issue their own stablecoins. According to CoinMarketCap data cited in Circle filings, as of the end of March, the USDC stablecoin issued by Circle held approximately 29% market share. According to the company's official website data as of May 29, the circulating supply of USDC is approximately $61 billion. The statement reveals that Circle sold 14.8 million shares in this IPO, while selling shareholders divested of 19.2 million shares. Sources indicate that the increased transaction size sparked strong demand, with orders exceeding available shares by 25 times as of the Tuesday deadline. Earlier filings by Circle showed that the IPO was increased to 32 million shares, with a pricing range of $27 to $28 per share, higher than the initial plan of 24 million shares at $24 to $26 per share. Documents show that Cathie Wood's tech-focused investment firm ARK Investment Management intends to purchase up to $150 million worth of shares in Circle's IPO. Sources say that BlackRock, Inc. plans to acquire approximately 10% of the IPO. Data indicates that BlackRock, Inc. manages a government money market fund on behalf of Circle, with 90% of the fund's reserve assets held in USDC stablecoin. According to Circle's official website data as of May 29, the Circle Reserve Fund has a size of $53.3 billion. According to data provider PitchBook, Circle was valued at $7.7 billion after a financing round in 2022. The company had submitted a confidential IPO application in early 2024, and over a year ago, it had abandoned plans to go public through a merger with a blank-check company the valuation of that deal was $9 billion for Circle.