Stablecoin Issuer Circle Files for IPO on New York Stock Exchange

Circle Internet Group, the company behind USDC—the world’s second-largest stablecoin—has formally filed for an IPO on the New York Stock Exchange. After several years of trying to go public, this move could be a big milestone for one of crypto’s leading firms.

According to Tuesday’s filing, Circle plans to offer 24 million shares of Class A common stock. Of these, 9.6 million will be offered directly by the company, while the remaining 14.4 million will come from existing shareholders looking to sell. Additionally, underwriters may be granted a 30-day option to purchase up to 3.6 million more shares.

The shares are expected to be priced between $24 and $26. At the top end of that range, Circle could raise around $250 million from its offering. The selling stakeholders, meanwhile, could earn close to $375 million. Upon listing, Circle will trade under the ticker symbol CRCL.

J.P. Morgan, Citigroup, and Goldman Sachs are serving as joint lead bookrunners for the offering, reflecting strong institutional interest in the company’s market debut.

Circle, headed by CEO Jeremy Allaire, has been trying to go public for almost four years. Back in 2021, the company planned to list through a SPAC deal, but it fell apart because of regulatory challenges. More recently, in April 2024, Circle filed paperwork with the U.S. Securities and Exchange Commission, signaling a fresh push to finally go public.

However, reports soon followed that Circle was considering postponing the IPO and exploring alternative options, including a potential $5 billion acquisition. Fortune reported last week that both Coinbase and Ripple had expressed interest in a possible deal.

If successful, Circle’s IPO could serve as a bellwether moment for the crypto industry’s evolving relationship with traditional financial markets.