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Circle Eyes IPO: Share Price Rises

Stablecoin issuer Circle tweaks the price knob again right before the long-awaited IPO: Reuters reports the share price has been raised to $31.

By Mike Hesp
• 2 min read
Circle Eyes IPO: Share Price Rises

Stablecoin issuer Circle tweaks the price knob again right before the highly anticipated IPO: according to Reuters the price per share has been raised to $31. With an increased volume of 34 million shares, that means a capital injection of more than $1 billion, a solid boost for the balance sheet.

Initially, the IPO price range was set between $24 and $26, but it quickly nudged up to $27-$28 per share. Now a second bump follows. The fully diluted valuation of the crypto company comes out to around $8 billion.

On top of that, the underwriters have been given a 30-day option to buy another 5.1 million Class-A founder shares to cover potential over-subscription.

Today’s IPO could be one of the biggest of the year. CEO Jeremy Allaire has been working for four years to get the company listed. A previous SPAC attempt to go public failed in 2021.

Circle is the issuer of the stablecoin USD Coin (USDC), which with a market cap of $61.5 billion ranks second behind Tether (USDT) and makes it the seventh-largest crypto asset globally.

Circle is listing today on the New York Stock Exchange under the ticker CRCL, a pivotal day for the company and the crypto sector as a whole.

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