Circle Prices IPO at $31, Raises $1.1B with a $6.9B Valuation

TL;DR

• Circle and its backers sold 34 million shares at about $31 each to raise $1.1 billion ahead of its IPO.

• The CRCL stock will start trading on the New York Stock Exchange today with a valuation of roughly $6.9 billion.

Circle’s CRCL to Start Trading on NYSE Today

It's time for another IPO in the cryptocurrency space. Circle, the company behind the USDC stablecoin, priced its initial public offering (IPO) on Wednesday at $31 per share, above the expected range of $24 to $26.

According to a Bloomberg report, the company sold roughly 34 million shares in the offering for a valuation of $1.1 billion. The report pegged the total amount raised in the IPO at $6.9 billion.

The stablecoin issuer initially planned to offer 24 million Class A shares, with 9.6 million coming from the firm itself and the remainder from early investors. Circle will now commence trading on the New York Stock Exchange (NYSE) today under the ticker “CRCL."

This latest development comes roughly a month after the stock and crypto trading platform eToro went live on the NASDAQ stock exchange, trading at $52 per share, with a $4.2 billion valuation.

Circle issues USDC, the second-largest stablecoin, with a market cap of over $60 billion. By listing on the stock exchange, Circle could gain access to deeper capital markets and increased regulatory scrutiny. These could boost investor confidence in the company despite the recent volatility in crypto markets.