Circle, the issuer of stablecoin USDC, has officially launched its long-awaited initial public offering (IPO) on the New York Stock Exchange, while simultaneously engaging in an informal talk with Ripple and Coinbase about a potential sale.
According to Fortune's report, Ripple was reportedly trying to purchase Circle on April 30, but the $4 billion to $5 billion bid was rejected by Circle for being too low.
But Circle has that it has been entertaining acquisition bids from Ripple, stating "the company is not for sale", adding that its long term goals remain the same.
According to the filing, Circle plans to offer 24 million shares of Class A common stocks, with 9.6 million new shares issued by the company while the remaining 14.4 million shares will come from existing stakeholders who are looking to sell their shares.
Additionally, underwriters are also granted a 30-day option to purchase up to 3.6 million additional shares to cover any over-allotments.
The IPO price range is set between $24 and $26 per share, which could see Circle itself raise up to $250 million, while selling shareholders could net nearly $375 million.
The shares will trade under the ticker symbol “CRCL” on the NYSE, with J.P. Morgan, Citigroup, and Goldman Sachs acting as joint lead bookrunners for the offering.
Cathie Wood’s ARK Investment Management has indicated that it would buying as much as $150 million worth of stocks in the IPO, signaling robust institutional demand.
Other major shareholders include Accel, Breyer Capital, General Catalyst, Oak Investment Partners, and FMR.
USDC, Circle’s flagship stablecoin, is the world’s second-largest, with over $60 billion in circulation and accounting for roughly 27% of the global stablecoin market.
Circle’s move to go public is seen as a bellwether for the crypto industry, coming at a time of renewed optimism and regulatory clarity in the U.S. under the Trump administration.
So when will Circle IPO go live? Well it might take time. According to NYSE IPO guide, the majority of businesses would take at least six to twenty-four months before they ever coordinate with banks to establish formal deadlines.
After summitting the IPO filing on May 27, Circle would have to wait depending on how long the SEC review takes. According to this approximate timeline, the Circle IPO could go live between mid-november, and early December 2025 or even stretch out into next year.
This IPO marks Circle’s second attempt at a public listing, following a failed $9 billion SPAC merger in 2022.
The firm’s decision to proceed via a direct IPO is expected to provide greater transparency and stability for investors.
Proceeds from the offering are expected to fuel international expansion, compliance initiatives, and the development of new tokenized financial products as Circle competes with Tether and other stablecoin issuers.
Circle’s public debut is one of the largest crypto listings since Coinbase’s 2021 IPO and signals the sector’s growing integration with mainstream finance.
The company’s successful listing could pave the way for other major fintech and blockchain firms to access public capital markets.
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Alex