Hassan Maishera
TL;DR
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Stablecoin giant Circle has officially filed for an IPO on the NYSE.
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The company's shares will trade under the ticker "CRCL."
Circle Files for an IPO on NYSE
Circle Internet Group, the firm behind the USDC stablecoin, has filed for an initial public offering on the New York Stock Exchange.
While announcing this in a press release on Tuesday, Circle stated that it is offering 24 million of its class A shares, out of which 9.6 million is being offered by the firm, while 14.4 million shares are being offered by selling stakeholders.
“Circle is expected to grant the underwriters a 30-day option to purchase up to an additional 3,600,000 shares of Class A common stock to cover over-allotments. The initial public offering price is currently expected to be between $24.00 and $26.00 per share,” the firm added.
Circle could raise roughly $250 million if its shares were to list at $26, while the selling stakeholders could pocket nearly $375 million.
J.P. Morgan, Citigroup, and Goldman Sachs & Co. LLC are acting as joint lead active bookrunners for the offering. Barclays, Deutsche Bank Securities and SOCIETE GENERALE are acting as bookrunners; BNY Capital Markets, Canaccord Genuity, Needham & Company, Oppenheimer & Co. and Santander are acting as co-managers; and AmeriVet Securities, Drexel Hamilton, Mischler Financial Group, Inc. and Roberts & Ryan are acting as junior co-managers.
The IPO is already gathering interest, with Circle revealing in its filing that Cathie Wood's ARK has expressed interest in buying $150 million worth of shares from the IPO.
This latest development comes despite recent reports that Circle is in talks with Coinbase and Ripple to sell the company at $5 billion.
Last month, Circle filed for an S-1 form with the Securities and Exchange Commission (SEC) to enable it to proceed with an IPO.
Circle’s USDC is currently the second-largest stablecoin in the crypto market, with a market cap of $61 billion.
