Circle Goes Public on NYSE, Prices Shares at $31 Each
Circle debuted on the New York Stock Exchange (NYSE) under the ticker CRCL, pricing shares at $31, exceeding the anticipated range of $24 to $26.
Key points:
- 34 million shares were sold, valuing Circle at $1.1 billion.
- Total funds raised in the IPO amounted to $6.2 billion.
- The offering increased from an initial plan of 24 million Class A shares due to high demand.
- This marks the second major crypto company IPO during the Trump administration, following eToro's listing last month.
- Circle previously attempted a public listing in 2021 via a SPAC, which did not materialize.
- Circle issues USDC, a leading U.S. dollar-pegged stablecoin used widely in crypto trading and DeFi applications.
- Going public may enhance access to capital markets and improve regulatory oversight amid recent market volatility.
- Renewed legislative focus on stablecoins could provide publicly traded issuers with competitive advantages.
Senator Bill Hagerty emphasized the need for swift passage of stablecoin legislation to protect consumers and retain issuers in the U.S., stating it would modernize payment systems with stablecoins backed by U.S. treasuries.