Circle Internet Group, the company behind the USDC stablecoin, has announced its initial public offering (IPO) aiming to raise up to $624 million. The company plans to offer shares at a price range of $24 to $26 each. Circle intends to list its Class A common stock on the New York Stock Exchange under the ticker symbol CRCL.
Circle and selling stockholders are set to offer 24 million shares, with a potential increase to 27.6 million if underwriters fully exercise their option to purchase additional stock. The company reported $1.68 billion in revenue and reserve income in 2024, compared to $1.45 billion in 2023. Circle's net income for 2024 was $155.7 million, a decrease from $267.5 million the previous year.
The stablecoin operator is entering a volatile IPO market. Other companies, such as eToro and CoreWeave, have recently experienced varied IPO outcomes. Cathie Wood's ARK Investment Management has expressed interest in purchasing up to $150 million in Circle's stock during the IPO.
J.P. Morgan, Citigroup, and Goldman Sachs & Co. LLC are acting as joint lead active bookrunners for the offering.