Discover top fintech news and events!
Subscribe to FinTech Weekly's newsletter
Read by executives at JP Morgan, Coinbase, Blackrock, Klarna and more
Circle Raises Over $1 Billion in IPO, Marks Major Crypto Milestone on NYSE
Circle Internet Group, the company behind the USD Coin (USDC) stablecoin, has successfully entered the public market, raising $1.05 billion in a long-awaited initial public offering. The crypto-native firm priced its 34 million shares at $31 apiece, above the increased marketing range, securing a fully diluted valuation of $8.06 billion.
The company will begin trading Thursday on the New York Stock Exchange under the ticker symbol “CRCL,” marking one of the largest and most closely watched fintech IPOs of the year.
A Sign of Crypto’s Resilience in Public Markets
Circle’s public debut is being seen as a key test for investor appetite in the crypto sector, especially after its previously planned 2021 SPAC merger was cancelled. Unlike many firms in the space, Circle enters the market with a clear profitability record—reporting $156 million in net income for 2024 and $65 million in profit in the first quarter of 2025.
Despite a decline from $268 million in net income the previous year, Circle's solid financials and rising quarterly earnings helped boost market confidence in the offering. Investors responded enthusiastically, pushing the offering well above its original terms of 24 million shares priced between $24 and $26.
The upsized IPO and strong pricing reflect renewed momentum in the crypto sector, even amid a still-cautious regulatory and macroeconomic environment.
Deep Institutional Support and Market Interest
The deal attracted the backing of a heavyweight syndicate of 15 investment banks, with J.P. Morgan, Citigroup, and Goldman Sachs leading the underwriting. The level of institutional involvement underscores the growing maturity of crypto firms as public market candidates.
Circle’s rise has been supported by significant private funding from investors like BlackRock, Fidelity, and Coinbase Ventures. Its core product, the USD Coin, is one of the most widely used stablecoins globally, with use cases ranging from trading and payments to decentralized finance and international remittances.
CEO Jeremy Allaire Cashes Out, Retains Control
As part of the IPO, Circle co-founder and CEO Jeremy Allaire sold over 1.5 million shares, a stake valued at approximately $49 million based on the final offer price. Despite the partial exit, Allaire will retain 23.7% of the company’s voting power post-IPO, maintaining significant control as Circle navigates its next phase as a public entity.
Founded in 2013, Circle has positioned itself as a key infrastructure provider in the digital financial ecosystem. The company’s role in issuing and managing the supply of USDC has placed it at the center of discussions around stablecoin regulation and future monetary architecture.
Implications for the Broader Crypto Sector
Circle’s IPO comes amid renewed interest in digital asset companies following a prolonged bear market and regulatory headwinds. While other crypto firms have faced challenges going public, Circle’s successful debut signals that investor sentiment may be shifting, particularly for companies with robust compliance practices and real-world utility.
Its move to public markets also comes as the U.S. Congress considers new legislation on stablecoin oversight, with Circle likely to play a central role in future regulatory discussions.
Analysts will now be watching closely to see how public investors respond to Circle’s performance in its early trading days, and whether the IPO helps usher in a new wave of capital market access for crypto infrastructure firms.
