Circle Targets $7.2 Billion Valuation in Upcoming IPO
Circle, the issuer of the USDC stablecoin, plans an initial public offering (IPO) with a fully diluted valuation of up to $7.2 billion, according to a filing with the SEC.
Key details include:
- Offering of up to 32 million shares priced between $27 and $28 each, increased from 24 million shares priced at $24 to $26 in May.
- Investor interest is growing, highlighted by potential investments from BlackRock and Ark Invest.
- BlackRock may purchase up to 10% of Circle’s IPO shares; Ark Invest intends to buy $150 million worth of stock.
The stablecoin market is expanding, now valued at $248 billion, with Tether’s USDT holding 62% of the market share at $154 billion, while Circle’s USDC accounts for $60 billion.