Circle seeks $7.2 billion valuation in upsized IPO

Circle Internet Financial is now seeking a $7.2 billion valuation for its upsized initial public offering, according to an announcement on Monday. The move represents greater investor appetite for the firm, which now expects to bring in up to $896 million by selling 32 million shares.

The company’s initial registration statement, filed with the U.S. Securities and Exchange Commission on May 27, noted Circle would offer 24 million shares of Class A common stock at a price range between $24 to $26 per share.

Circle now plans to sell shares for $27 or $28 apiece. A cancelled SPAC merger in 2022 would have valued the firm at $9 billion. Major firms, including BlackRock, have signalled strong interest in backing the firm’s IPO process.

Circle is the issuer of the second-largest stablecoin by market capitalization, USDC. While the firm doesn’t generate as much revenue as its closest rival, USDT issuer Tether, Circle has seen its returns on its Treasury bond holdings increase 55.1% to $557.9 million in the first quarter of 2025.

Stablecoin adoption has grown throughout the years, though some experts say the sector is poised to go meteoric due to a confluence of regulatory clarity and growing use outside of crypto.

Standard Chartered, for instance, forecasts that the stablecoin market cap could grow tenfold by the end of 2028, while a recent Artemis survey found that B2B stablecoin transactions represented the largest share of trading volumes for the first time.

Circle plans to list on the New York Stock Exchange under the ticker CRCL. The firm has not provided an exact IPO date as of June 2. It previously planned to list by the end of April, but was delayed by macroeconomic uncertainty during the Trump tariff negotiations.

Both Coinbase and Ripple were reportedly bidding on the firm in recent weeks. However, a Circle spokesperson said the firm was not entertaining any M&A deals.