Circle has officially filed for its IPO on the NYSE, offering 24 million shares, with 9.6 million issued by the company itself.
The operation could raise up to $250 million for Circle, while current shareholders could receive $375 million.
Cathie Wood, through ARK Invest, plans to invest $150 million, bolstering the credibility of a much-anticipated IPO since 2021.
Circle officializes its IPO filing
The giant in stablecoin USDC is finally making its move. After several failed attempts over the years, Circle Internet Group has officially filed its IPO on the New York Stock Exchange. If successful, Jeremy Allaire’s company will join the exclusive club of crypto companies listed in the United States.
24 million shares hitting the market
In total, Circle is selling 24 million Class A shares, with 9.6 million issued directly by the company, and 14.4 million sold by current shareholders. An over-allotment option will allow underwriting banks to acquire up to 3.6 million additional shares within 30 days of the IPO.
The price range announced is between $24 and $26. In case of high demand, Circle could raise up to $250 million, while selling shareholders would pocket nearly $375 million.
ARK by Cathie Wood joins the fray
In a still cautious stock market towards crypto-assets, Circle’s entry has nevertheless drawn the interest of some Wall Street heavyweights. ARK Invest, led by Cathie Wood, has already expressed its intention to buy $150 million of shares right at the IPO. A strong signal for a market still marked by regulatory uncertainties.
The offer is being led by three major banks: J.P. Morgan, Citigroup, and Goldman Sachs, who are acting as lead underwriters for this strategic operation.
An IPO awaited for four years
Circle’s IPO is the culmination of a long saga. Back in 2021, the company attempted a listing via a SPAC, without success. Last April, it once again filed an S-1 form with the SEC, but rumors at the time suggested a delay.
More recently, according to Fortune, Circle even considered selling the company for $5 billion. Interested parties included Coinbase and Ripple, both very active in the stablecoin battle with their own tokens: USDC for Circle, RLUSD for Ripple.
