Circle, the issuer of USDC, announced on Monday an increased price range for its IPO, now targeting $27 to $28 per share, according to Reuters. This adjustment, detailed in an SEC filing, aims to raise approximately $896 million, potentially valuing the company at $7.2 billion.
The decision to upsize the IPO is driven by Circle's market position, investor interest, and anticipated regulatory support, including the GENIUS ACT. Circle plans to list on the NYSE under the ticker "CRCL" later this week, aiming for a $7.2 billion valuation, up from the initial $5.65 billion target on May 27.
Circle recently launched the Circle Payments Network (CPN) and acquired Hashnote, issuer of USYC, to expand its stablecoin ecosystem. ARK Investment Management has expressed interest in purchasing up to $150 million worth of shares during the IPO.