Circle Internet Financial is set to make its trading debut on the New York Stock Exchange Thursday, with shares expected to open between $60 and $62 — nearly double the company’s $31 IPO price.
The IPO gives the issuer of USD Coin (USDC) a valuation of $6.8 billion.
The offering was oversubscribed by 25 times, signaling intense investor demand for exposure to the fast-growing stablecoin sector.
Circle had originally aimed to sell 24 million shares at a range of $24 to $26 per share but boosted the deal to 34 million shares and priced it above range.
USDC is the second-largest stablecoin globally, with a 27% market share, behind only Tether’s USDT, which holds 67% of the market.
Founded in New York, Circle posted $156 million in net income on $1.68 billion in revenue in 2024, according to its prospectus.
A rare pure-play crypto company, Circle’s business entirely focused on stablecoins and digital asset infrastructure, unlike broader fintech players like Block or MicroStrategy.
The company is trading under the ticker symbol ‘CRCL.’