Circle Internet Group, the company behind the leading USDC stablecoin, has filed to hold an initial public offering (IPO) and list shares on the New York Stock Exchange (NYSE).
In its IPO prospectus, Circle said it plans to offer 24 million of its class A shares for sale. It also expects to grant the underwriters a 30-day option to buy up to 3.6 million shares.
The IPO price is expected to be between $24 U.S. and $26 U.S. per share. Based on the higher end of the range, Circle could raise about $250 million U.S. from the share sale.
Wall Street banks JPMorgan Chase (JPM), Citigroup (C), and Goldman Sachs (GS) are leading the IPO. Circle is expected to trade under the ticker symbol 'CRCL.’
The exact date for the IPO is not yet known. However, Circle has been trying to go public for four years.
In 2021, Circle tried to go public through a special purpose acquisition company (SPAC), but that deal ended up falling apart as the market for SPACs eroded.
This April, the firm filed with the U.S. Securities and Exchange Commission (SEC) to get listed but later delayed the IPO as the stock market plunged amid U.S. President Donald Trump’s tariffs.
There have also been reports over the years that Circle had put itself up for sale and was seeking a $5 billion U.S. price tag. However, no suitors emerged for the company.
Stablecoins are cryptocurrencies whose underlying value is pegged to another asset, typically the U.S. dollar or price of gold.
In crypto circles, stablecoins are becoming an increasingly popular investment vehicle due largely to their lack of volatility.
