Today the issuer of the USDC stablecoin, Circle, announced the price range for its stock offering as between $24 and $26 valuing the firm at $5.4 billion. The company plans to list on the New York Stock Exchange with a ticker symbol of CRCL.
However, the IPO faced uncertainty when President Trump unveiled far ranging tariffs shortly after Circle published its prospectus at the start of April. Because of the market volatility that followed, many thought the IPO window might have temporarily closed.
In the meantime, Ripple reportedly made a bid for the company of around $5 billion that was rejected. There were rumors that Coinbase was also interested in acquiring Circle, which could have been a more attractive option for the stablecoin firm. However, we reported that another acquisition might give the company indigestion after Coinbase already agreed to acquire crypto options firm Deribit for $2.9 billion and the exchange also disclosed a data breach following the bribery of some support personnel.
As part of the IPO, Circle is looking to raise $250 million, with the underwriters given the option to acquire additional shares worth almost $94 million to cover overallotments. Existing investors plan to sell $374 million of stock. JP Morgan, Citigroup and Goldman Sachs are joint lead managers.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
