Last week stablecoin issuer Circle formally launched its IPO to list on the New York Stock Exchange. It is now expanding the number of shares to be sold by a third – both new shares being issued by Circle and existing investors selling. Additionally, it is raising the price range from $24-$26 per share to $27-$28 per share, meaning $896 million in stock is being sold, valuing the company at $6.2 billion.
Typically this sort of expansion follows significant demand and oversubscriptions for the stock on offer.
Initially 24 million shares were available, of which 9.6 million were new shares being offered by Circle, with the rest from investors selling. Today Circle said there would now be 32 million shares on offer, with the same split between itself and existing investors.
Circle has hit a timing sweet spot amid peak stablecoin hype and bitcoin reaching a new all time high last week. The company is also benefiting from growing optimism around potential US stablecoin legislation, with the Genius Act likely to receive a Senate vote within the next two weeks. Legislation favors Circle, the issuer of the USDC stablecoin over its rival Tether, the market leader. This momentum follows last week’s Stablecon event, which generated significant industry news coverage and research reports.
