According to documents filed with the U.S. Securities and Exchange Commission on Wednesday, the base number of shares issued by stablecoin issuer Circle has increased to 34 million shares. The offering price will also be raised from the current $27 to $28 per share to $31 per share.
Issuer of stablecoins.$Circle Internet Corp. (CRCL.US)$The IPO stock issue price in the United States may be set at $31, raising $1.1 billion.
On June 4 local time, according to media reports, based on documents submitted to the U.S. Securities and Exchange Commission on Wednesday, this USDC stablecoin issuer received 25 times oversubscription, ultimately increasing the number of shares issued from 32 million to 34 million. The expected pricing is $31 per share, which is not only above the expected range of $27-28 but has also significantly jumped from the initial range of $24-26.
At this price, Circle's Market Cap will reach $6.9 billion. If employee stock options, restricted stock units, and warrants are included, the company's fully diluted valuation is approximately $8.1 billion.
The issuance is reported to be led by JPMorgan, Citigroup, and Goldman Sachs as underwriters. In addition to ARK Invest indicating its intention to subscribe for up to $0.15 billion worth of shares, Blackstone also plans to acquire about 10% of the IPO shares. It is noteworthy that Blackstone manages a government MMF on behalf of Circle, which holds 90% of the reserves in USDC, with a balance of $53.3 billion as of May 29.
The regulatory dividend window for the stablecoin market.
The timing of Circle's listing is intriguing.
The U.S. Congress is advancing stablecoin regulatory legislation, which could pass as early as August, granting greater compliance recognition to stablecoins. Meanwhile, media reports indicate that some of Wall Street's largest banks are jointly exploring the possibility of issuing their own stablecoins.
Circle will start trading on the New York Stock Exchange under the code CRCL on Thursday, becoming one of the most representative pure cryptocurrency listed companies in the United States.
Unlike eToro, Robinhood, or Block, Circle's entire business revolves around stablecoins - cryptocurrencies backed by assets such as the US dollar and US Treasury bonds.
Circle's USDC holds about 27% market share in the stablecoin market, ranking second, only behind Tether USDT, which holds 67% of the market.
According to CoinMarketCap data, as of May 29, the circulating supply of USDC is approximately 61 billion dollars.
The company led by CEO Jeremy Allaire has a net income of 0.156 billion dollars and revenue of 1.68 billion dollars in 2024, compared to a net income of 0.268 billion dollars and revenue of 1.45 billion dollars in 2023, showing some fluctuations.
Editor/Jeffy
