TLDR
-
CRCL debuts on NYSE as demand surges 25x, backed by BlackRock and ARK.
-
Circle’s NYSE debut signals rising confidence in stablecoins and regulatory clarity.
-
Institutional demand leads to 34M shares sold; CRCL opens trading on June 5.
-
IPO momentum driven by rising USDC adoption and BlackRock reserve backing.
-
Strong institutional demand and $53B USDC reserves drive confidence in CRCL.
Circle Internet Group and its shareholders raised $1.1 billion after pricing their IPO at $31 per share. The company listed 34 million shares under the ticker CRCL, surpassing earlier targets. The Circle Shares are set to start trading on the New York Stock Exchange on June 5, 2025, marking a key moment for stablecoin adoption.
IPO Sees Strong Demand and Market Confidence
Circle’s initial offering attracted over 25 times more demand than the shares available. The deal size increased from the original plan of 24 million shares priced between $24 and $26 each. The offering was upsized twice as interest from institutional investors continued to grow.
Circle IPO priced above range at $31, raising $1.1B
JinSe reported that @circle‘s U.S. IPO will be priced at $31 per share, higher than the $27–$28 range initially targeted in its @SECGov filing. The offering will raise $1.1 billion, with 32 million shares sold, valuing the…
— CoinNess Global (@CoinnessGL) June 4, 2025
The company issued 14.8 million new shares, while 19.2 million shares came from selling shareholders. Underwriters also received a 30-day option to buy an additional 5.1 million shares. Lead bookrunners included J.P. Morgan, Citigroup, and Goldman Sachs, with several co-managers also participating.
This listing followed a previously canceled SPAC deal that had valued the company at $9 billion. Circle filed confidentially for the IPO in early 2024 and opted for a traditional listing. The IPO pricing gives the company a valuation of $6.9 billion, excluding stock-based instruments.
Stablecoin Issuer Gains Valuation of $8.1 Billion
When including stock options, restricted units, and warrants, Circle’s fully diluted valuation reaches $8.1 billion. The company last raised funding in 2022 at a valuation of $7.7 billion. The offering exceeded recent expectations of a $7.2 billion valuation based on a $28 share price.
BlackRock plans to buy around 10% of the IPO shares, according to people familiar with the transaction. ARK Invest also expressed interest in purchasing up to $150 million worth of shares. The support from major financial firms signaled growing confidence in stablecoin infrastructure.
Circle manages USDC, the second-largest stablecoin with nearly $61 billion in circulation. Its market share stood at 29% by the end of March 2025, based on data from CoinMarketCap. USDC remains a widely adopted digital dollar with key backing from traditional finance.
Circle Benefits from Growing Regulatory Attention
Stablecoins are receiving greater attention from lawmakers as new bills aim to regulate their use and backing. The GENIUS Act recently advanced in the Senate and could soon bring formal oversight to issuers like Circle. Regulatory clarity may help expand the role of USDC in digital finance.
Circle’s reserve assets are held in a money market fund managed by BlackRock. As of May 29, this fund held $53.3 billion in USDC reserves. The firm’s transparent model and third-party management have built trust with investors and regulators alike.
Circle strengthens its position in the public market while continuing to scale its stablecoin ecosystem. The company plans to use proceeds to support growth, compliance, and product development. The successful debut of CRCL reflects both market momentum and strategic investor support.
