- Circle raised $1.05B selling 34M shares at $31 each on NYSE, exceeding initial targets due to demand.
- ARK Investment plans to buy $150M of CRCL stock; JPMorgan/Goldman/Citi may sell 5.1M more shares.
Circle began trading on the New York Stock Exchange Thursday under the symbol CRCL. The company priced its initial public offering at $31 per share. Circle sold 34 million shares, raising $1.05 billion. Investor demand exceeded initial plans: Circle first targeted 24 million shares at $24–$26, then expanded to 32 million, and finally 34 million before market open.
JPMorgan, Goldman Sachs, and Citigroup led the offering. These banks secured a 30-day option to sell an additional 5.1 million shares. This provision allows further fundraising if market interest continues. The listing marks Circle’s first public status since its founding twelve years ago.
Founder and CEO Jeremy Allaire described the IPO as advancing internet-based finance. He stated Circle aims to rebuild financial systems natively online. Allaire emphasized the company’s commitment to compliance and governance standards. He noted public listing reinforces these priorities under SEC oversight. Circle relocated its headquarters from Boston to New York earlier this year.
Circle’s primary product is USD Coin (USDC), a dollar-pegged stablecoin. USDC holds 27% of the stablecoin market, ranking second behind Tether’s 67% share. Unlike competitors offering trading or banking services, Circle focuses exclusively on stablecoin infrastructure.
Cathie Wood’s ARK Investment Management disclosed plans to purchase up to $150 million of Circle stock. This institutional interest contributed to the increased offering size. Circle reported $1.68 billion in 2024 revenue and reserve income, with $156 million net profit. Though lower than 2023’s $268 million profit on $1.45 billion revenue, the results confirm sustained profitability—a contrast to many recent tech listings.
Circle’s IPO occurs amid renewed activity in public markets. Recent entrants include trading platform eToro (up 25% post-IPO) and infrastructure firm CoreWeave (more than doubled since March debut). Payment companies Omada Health, Chime, and Klarna have also filed for public offerings.
