Circle Revises IPO Plans, Eyes $896 Million Amid Strong Demand

Boston, MA – Circle Internet Financial Ltd., the company behind the USDC stablecoin, has updated its Initial Public Offering (IPO) plans to reflect stronger-than-expected investor interest. The revised filing was submitted to the U.S. Securities and Exchange Commission (SEC) on June 2, 2025.

Circle now plans to issue 32 million Class A shares, up from the previously announced 24 million. The company has also adjusted its proposed share price range to between $27 and $28, compared to the earlier $24 to $26 range. If the final pricing achieves the upper end, Circle could raise up to $896 million, a significant increase from the original estimate of $624 million.

This adjustment could raise Circle’s valuation to approximately $7.2 billion on a fully diluted basis, up from the earlier target of $6 billion. This IPO marks a crucial milestone for Circle as it aims to fortify its position in the expanding digital finance sector.

USDC, Circle’s flagship stablecoin, is currently the second-largest dollar-pegged token in the world, boasting a market cap of over $61 billion. The company’s new IPO strategy comes amidst growing institutional interest in the stablecoin market, traditionally viewed as a niche segment in finance.

Market analysts note that the stablecoin sector is gaining mainstream traction, leading established financial institutions like JPMorgan Chase, Citigroup, and others to explore jointly issued dollar-backed assets. BlackRock, the world’s largest asset manager, is reportedly one of the significant potential investors in Circle’s IPO, which could further strengthen the relationship between the two firms.

According to sources, BlackRock plans to purchase a sizable stake in Circle. The firm already plays a pivotal role in managing Circle’s USDC reserves, which are mostly held in the Circle Reserve Fund. A stake in Circle would deepen BlackRock’s involvement in the stablecoin market and expand its interest in cryptocurrencies beyond exchange-traded funds (ETFs).