Circle Aims for $7.2B IPO Valuation Upsize

Circle Internet Financial is now aiming for a $7.2 billion valuation in its increased initial public offering, announced on Monday. The move indicates heightened investor interest, expecting to raise up to $896 million by selling 32 million shares. Initially, Circle filed to offer 24 million shares of Class A common stock priced between $24 and $26 each. Now, shares are planned to be sold for $27 or $28. A canceled SPAC merger in 2022 intended to value the firm at $9 billion. Major financial institutions, including BlackRock, have shown significant interest in supporting the IPO. Circle, the issuer of USDC, the second-largest stablecoin by market cap, has seen a 55.1% increase to $557.9 million in returns on its Treasury bond holdings in the first quarter of 2025, outpacing its closest competitor, Tether. Stablecoin use is increasing, and with clearer regulations and broader applications, experts predict rapid growth. Standard Chartered anticipates the stablecoin market cap could increase tenfold by 2028, while an Artemis survey showed B2B stablecoin transactions leading in trade volumes. Circle aims to list on the NYSE under CRCL but hasn't announced a date as of June 2, delayed from April due to market uncertainties from tariff talks. Recent reports suggested bids from Coinbase and Ripple, but Circle isn’t pursuing any mergers or acquisitions. Disclaimer: The Block is independent, delivering news, research, and data. As of November 2023, Foresight Ventures is a significant investor in The Block and other crypto companies. Bitget is an anchor LP for Foresight Ventures. The Block maintains independence in reporting.