Circle Internet Group to Go Public? Inside the Rumored IPO and What It Means for Crypto Investors

Circle Internet Group, the fintech behind the USD Coin (USDC) and Euro Coin (EURC) stablecoins, has officially filed for an initial public offering that could raise as much as $624 million and value the company at roughly $6.7 billion on a fully diluted basis. The Boston-founded crypto firm plans to list on the New York Stock Exchange under the ticker symbol “CRCL,” offering 24 million Class A shares priced between $24 and $26 each. Circle itself will sell 9.6 million shares, while early backers such as Accel and General Catalyst are expected to sell 14.4 million shares into the deal. Institutional interest is already strong: ARK Investment Management, led by Cathie Wood, has indicated an intention to purchase up to $150 million worth of CRCL stock at the IPO price, providing a potential anchor for the offering. J.P. Morgan, Citigroup and Goldman Sachs are joint bookrunners. The listing attempt marks Circle’s second shot at the public markets. A planned $9 billion SPAC merger collapsed in late 2022 amid a broader crypto winter, forcing the company to recalibrate expectations. This time, management is stepping out amid a friendlier regulatory backdrop: the Stablecoin Bill has advanced in the U.S. Senate, and the White House has signaled support for “clear, rational” digital-asset oversight—tailwinds that could accelerate adoption of reserve-backed tokens such as USDC. Founded in 2013 by CEO Jeremy Allaire, Circle generates revenue from interest on reserve assets and from transaction fees linked to the $60-plus-billion market cap of USDC, the second-largest dollar-pegged stablecoin after Tether. The company booked roughly $1.9 billion in revenue for the 12 months ended March 31, 2025, according to its prospectus, and projects continued growth as stablecoins migrate from crypto exchanges into mainstream payments, remittances and on-chain capital markets. If successful, the Circle Internet Group IPO would become the largest crypto-native listing since Coinbase’s 2021 direct offering, and it could set a pricing benchmark for other web3 players eyeing Wall Street. Analysts at Renaissance Capital note that the deal’s midpoint represents a valuation roughly 25 percent below Circle’s abandoned SPAC price, reflecting today’s more disciplined market environment but still signaling renewed confidence in digital-asset fundamentals. Key risk factors remain. Stablecoin competition is intensifying, regulatory frameworks are still evolving, and Circle’s revenue is sensitive to short-term interest rates. Yet investors may see the IPO as a liquid way to gain exposure to the booming stablecoin sector without directly holding volatile cryptocurrencies. Circle expects to start trading as soon as mid-June, subject to SEC approval and market conditions. With a marquee ticker, household-name underwriters and one of the crypto industry’s most used payment rails, CRCL is poised to be closely watched by both traditional finance and web3 participants eager for a fresh barometer of crypto-capital markets health.