Overview

• Circle has priced a secondary offering of 10 million Class A shares at $130 each with underwriters holding a 30-day option to purchase 1.5 million more.
• Circle will use proceeds from its 2 million-share allotment for general corporate purposes; proceeds from the eight million shares sold by existing holders go to insiders.
• Major banks including J.P. Morgan, Citigroup, Goldman Sachs, Barclays and Deutsche Bank are leading the deal, underscoring strong institutional distribution support.
• In Q2, Circle reported revenue of $658 million, a 53% year-over-year increase, and USDC circulation rose roughly 90% to $61.3 billion.
• Analysts at Mizuho Securities warned that slower USDC growth, rising distribution costs and competitive headwinds plus earnings sensitivity to interest-rate cuts could pressure Circle’s medium-term outlook.