Circle launches IPO after denying speculation of sale to Ripple, Coinbase
Key Takeaways
- Circle Internet Group, Inc. launched an initial public offering of 24 million shares.
- The company’s Class A common stock will be listed on the NYSE under the ticker symbol ‘CRCL.’
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Circle Internet Group, the issuer of the second-largest stablecoin USDC, is launching an initial public offering (IPO), advancing toward its planned listing on the New York Stock Exchange after rejecting reports of a possible sale to Coinbase or Ripple, the company said in a Tuesday announcement.
The IPO includes a total of 24 million shares of Class A common stock, with 9.6 million shares offered by Circle and 14.4 million shares offered by selling stockholders
The offering price is expected to be between $24.00 and $26.00 per share. Circle plans to grant its underwriters a 30-day option to purchase up to an additional 3.6 million shares to cover over-allotments.
The launch comes after Circle filed with the SEC in early April to list on the New York Stock Exchange under the ticker ‘CRCL’. The move marks the company’s second attempt to go public after an unsuccessful SPAC deal in 2022.
It’s also part of a broader movement among other major crypto firms, such as Kraken and Gemini, which are seeking to capitalize on a more pro-crypto, pro-business regulatory climate under the Trump administration.
Shortly after its SEC filing became public, the Wall Street Journal reported that Circle was considering a delay to its IPO, mainly due to macroeconomic uncertainty tied to US trade policy.
The listing, initially expected in April 2025, may be postponed as the company evaluates the impact of ongoing market volatility and a potentially prolonged trade war.
Uncertainty around the IPO deepened after a report by Fortune suggested that Circle had engaged in informal acquisition talks with Coinbase, its long-time partner in the Centre Consortium, and Ripple, a rival stablecoin issuer and cross-border payments provider.
However, Circle quickly dismissed the report, stating that the company is not for sale and remains fully committed to pursuing a public listing.
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