SBI Group Invests $50 Million in Circle’s IPO to Strengthen Partnership
On June 9, SBI Group announced a $50 million investment in Circle Internet Group during its IPO. The investment is split between SBI Holdings and SBI Shinsei Bank, acquiring 5% of Circle's 34 million shares offered. This marks an expansion of their partnership following a business agreement from November 2023 aimed at promoting USDC stablecoin adoption in Japan.
- The Japanese government introduced a revised Payment Services Act to regulate stablecoins.
- SBI VC Trade became the first platform in Japan to publicly offer USDC earlier this year.
- Circle successfully IPO'd on NYSE, offering 24 million shares with increased demand raising the price from $24-$26 to around $28.
- The IPO was 25 times oversubscribed, with shares opening at $69 and closing at $83.23, giving Circle a market cap of approximately $16.7 billion.
- The IPO raised between $1.05 billion and $1.1 billion.