Circle Upsizes IPO Again: What’s Fueling the $6.9B Valuation?
Circle Upsizes IPO Again – Stablecoin issuer Circle Internet Group, Inc. has raised the size and pricing of its upcoming initial public offering (IPO) once again, now aiming to raise $1.05 billion with a share price set at $31. The company will offer 34 million shares on the New York Stock Exchange (NYSE) starting June 5, according to a June 4 announcement.
This is the second time Circle has adjusted its IPO terms. The company initially planned to offer 24 million shares priced between $24 and $26, later raising the offering to 32 million shares at $27–$28. With the current revision, Circle has also granted underwriters a 30-day option to purchase an additional 5.1 million shares, potentially increasing the offering’s size further.
Based on more than 220 million outstanding shares, Circle’s valuation now stands at approximately $6.9 billion, according to a June 2 SEC filing. Notably, the firm does not intend to pay dividends, instead choosing to reinvest all proceeds and future earnings into product development, business expansion, and potential acquisitions.
BlackRock Eyes 10% Stake as Crypto IPO Momentum Builds
Asset management giant BlackRock is reportedly preparing to acquire at least a 10% stake in Circle at the IPO, highlighting growing institutional interest in crypto infrastructure firms.
Under the previous pricing of $27 per share, Circle expected net proceeds of $319 million, of which $111 million was allocated to cover tax withholding obligations. The remainder is earmarked for strategic investments in new products, expansion, and acquisitions.
Circle’s IPO follows similar moves by other crypto companies. In May, eToro boosted its IPO to $620 million, while Kraken and BitGo are also reportedly eyeing public listings in 2025. The momentum echoes Coinbase’s 2021 debut, which marked a major milestone in crypto’s integration into public markets.
After halting its IPO plans briefly in April due to market turbulence from President Trump’s tariff announcement, Circle now appears poised to make a high-profile entry into traditional finance.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
