Circle Internet Group, a cryptocurrency issuer behind the USDC stablecoin, raised the proposed deal size for its upcoming IPO on Monday.
The New York, NY-based company now plans to raise $880 million by offering 32 million shares (60% secondary) at a price range of $27 to $28. The company had previously filed to offer 24 million shares (60% secondary) at a range of $24 to $26. A new investor has indicated on $150 million worth of shares in the offering (17% of the deal). At the midpoint of the revised range, Circle Internet Group will raise 47% more in proceeds than previously anticipated.
Circle states that it operates one of the largest and most widely used stablecoin networks in the world. Anchored around USDC, its US dollar-denominated payment stablecoin, its suite of stablecoins and related products together provide a network utility and application platform for a wide range of organizations. The USDC "digital dollar" issued by Circle is a leading payment stablecoin, with $60.1 billion in circulation across 4.9 million meaningful wallets, as of March 31, 2025. Circle's business model is driven by the growth of the Circle stablecoin network, which comprises its stablecoin infrastructure, its banking and reserve management infrastructure, its blockchain infrastructure, and its Developer Services application platform, as well as all the end-users. Through its partners and the broader ecosystem that supports and integrates into the Circle stablecoin network, the company touches more than 600 million users around the world as of March 31, 2025.
Circle Internet Group was founded in 2013 and booked $1.9 billion in revenue for the 12 months ended March 31, 2025. It plans to list on the NYSE under the symbol CRCL. J.P. Morgan, Citi, Goldman Sachs, Barclays, Deutsche Bank, and Societe Generale are the joint bookrunners on the deal. It is still expected to price during the week of June 2, 2025.
