Circle Internet, the issuer of the USDC stablecoin, announced plans for an initial public offering (IPO) that could value the company at up to $6.71 billion on a fully diluted basis. The New York-based company aims to raise as much as $624 million by offering 24 million shares, with a pricing range set between $24 and $26 each.
The administration’s promise of a “rational” approach to cryptocurrency regulations has encouraged companies in the sector to pursue public listings and increase their crypto investments, as evidenced by Strategy’s (formerly MicroStrategy) example.
Notably, Cathie Wood’s crypto exchange-traded fund (ETF) issuer, ARK Investment Management, has also expressed interest in purchasing up to $150 million worth of shares during Circle’s initial public offering.
Circle’s IPO is anticipated to be one of the largest cryptocurrency listings since Coinbase’s debut in 2021. Additionally, Mike Novogratz’s Galaxy Digital recently listed on the Nasdaq, further highlighting the increasing activity in the crypto public market.
Analyst Bo Pei from US Tiger Securities commented, “Circle’s return to the public markets indicates regained confidence—albeit at a 25% lower valuation, which reflects more realistic market conditions.”
Upon completion of the IPO, Circle plans to list on the New York Stock Exchange under the ticker symbol “CRCL.” Leading underwriters for the offering include J.P. Morgan, Citigroup, and Goldman Sachs
Such optimism toward digital assets has resulted in Bitcoin’s achievement of a new all-time high near the $112,000 mark last week and the total crypto market capitalization surging to a $3.5 trillion high.
Featured image from DALL-E, chart from TradingView.com
