Overview

• Circle filed its S-1 on May 27 to list on the New York Stock Exchange under ticker CRCL, offering 24 million Class A shares at $24–$26 each and a 30-day option for 3.6 million more shares.
• The offering is expected to raise up to $624 million and values the company at up to $6.71 billion on a fully diluted basis.
• JPMorgan, Citigroup and Goldman Sachs are lead underwriters, and Cathie Wood’s ARK Investment Management has indicated interest in up to $150 million of shares.
• Circle’s USDC stablecoin commands a market capitalization above $60 billion and drove nearly all of the company’s $1.68 billion in 2024 revenue through interest on reserves.
• To broaden its business model, Circle recently launched the Circle Payments Network to facilitate mainstream cross‐border stablecoin transfers.