In June 2025, Circle’s initial public offering (IPO) was strongly sought after by investors due to the wide application and influence of its stablecoin USDC in the market, as well as investors’ optimism about the prospects of the stablecoin industry. This led to the company’s listing situation exceeding expectations, as detailed below:
Issuance size and price adjustment: Circle and some of its shareholders expanded the size of its IPO on June 4th, Eastern Time of the United States. The company initially planned to issue 24 million shares, with a pricing range of $24 to $26 per share. Subsequently, the target was raised to 32 million shares, with a pricing range of $27 to $28 per share. Ultimately, 34 million shares were sold at a price of $31 per share, which was higher than the previous market expectation range and raised nearly $1.1 billion.
Market capitalization has increased significantly: Based on the number of outstanding shares listed on Circle filings and priced at $31 per share, its market capitalization has reached $6.9 billion. If employee stock options, restricted stock units and warrants, etc. are taken into account, the company’s fully diluted valuation is approximately $8.1 billion, which is much higher than the initial valuation expectation.
The oversubscription multiple was extremely high: This IPO attracted a large number of institutional investors. As of the order deadline, the subscription volume exceeded 25 times the number of available shares. As ARK Investment Management expressed its intention to subscribe for up to 150 million US dollars worth of stocks, BlackRock is expected to acquire approximately 10% of the total issued shares.
Circle’s IPO comes at a time when the US Congress is reviewing stablecoin legislation. This may bring clearer regulation and higher legitimacy to stablecoins, and has also attracted the attention of traditional financial institutions. Many Wall Street banks are also discussing stablecoin-related businesses. These factors worked together to make Circle’s IPO highly recognized by the market, far exceeding expectations.
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