Circle, issuer of the second in capitalization of stablecoin in the world-USDC, applied for the primary public placement of shares (IPO) on the New York Exchange (NYSE), reports RBC Crypto.
Within the framework of the IPO, it is planned to sell 24 million shares of Class A.. Of these, 9.6 million shares are issued by the company itself, and current investors will put up 14.4 million for sale. The distribution price range is declared at $ 24–26 per share. After the Circle paper enters the exchange, they will be traded under the CRCL ticer, according to documents submitted to the US Securities and Exchange Commission (SEC).
USDC is the second stablecin capitalization after USDT from Tether. The asset is tied to the US dollar rate, the total market capitalization of USDC tokens is $ 61.5 billion, according to May 28. The proportion of token in the market of stablecoins is approximately 25%.
The company was founded in 2013. Early investors included such companies as Goldman Sachs, the oldest crypto fund Pantera Capital and Baidu. Later investors include large management companies – BlackRock and Fidelity. From 2013 to 2022, Circle attracted more than $ 1.1 billion investments, according to Cryptoraank.
The business model of most stablcoins, including USDC and USDT, consists in buying US government bonds as providing tokens. Minators receive interest income, having the opportunity to access liquidity at any time if the owners of stablecoins demand to extinguish the released crypto assets.
Based on the total number of shares of 217.3 million and the average placement price of $ 25 per Circle, Circle counts on an estimate of approximately $ 5.43 billion. IPO Circle income will be about $ 240 million, and selling shareholders will receive $ 360 million.
Circle has planned to access the exchange from at least 2020, abandoning the listing plans by merging with Concord Acquisition in 2022 through the Spac. After that, the topic began to be discussed only in 2024.
Spac (A Special Purpose Acquisition Company) is a company created specifically for merging with another private company that wants to go to the exchange, bypassing the IPO procedure. Spac has neither assets, no history of activity, nor a business plan-this is actually a dummy.
The application for the NYSE exchange from Circle was submitted in April. However, The Wall Street Journal reported that Circle considered the possibility of delaying its IPO due to macroeconomic uncertainty related to the US trade policy.
“For Circle, obtaining the status of a public company on the New York Stock Exchange is a continuation of our desire to work with the highest possible transparency and accountability,” Jeremy Aller quoted by The Block.
After that, the company became a target for potential absorption. Last week, Fortune reported that Circle was considering the possibility of selling $ 5 billion instead of going out at an IPO. It was also reported that among the applicants were the Coinbase (Coin) cryptocurrency exchange and Ripple.
The American Coinbase looked like the most likely buyer, according to Fortune sources. The exchange receives up to 100% income from the USDC reserves placed on its platform, and also owns a share in Circle. At the same time, the company has the right to veto Circle’s new partnerships, affecting the revenue from USDC. But representatives of Circle deny negotiations on sale.
The submitted documents at the SEC also indicate the purchase of Hashnote, which occurred in January 2025 and paid mainly by Circle shares. Hashnote is an issuer of tokenized state bonds of US Yield Coin (usyc). On the analytical service that monitors the tokenized assets of the real world (RWA) rwa.xyz, the USYC issuer is indicated by Circle with a volume of $ 416 million.
Real World Assets (RWA) is a cryptoeconomic sector, where any “real” assets that have value can be tokenized. This category includes, for example, real estate, securities, national currencies or even art items.
Etoro path
A similar path was made by the Etoro trading company, providing cryptocurrency trade services and entered the exchange in mid -May 2025. During the IPO Etoro (Etor) and its shareholders attracted almost $ 620 million, which is comparable to Circle plans.
Like Circle, Etoro planned to go to the exchange through Spac in 2022, and postponed plans to enter the IPO in April due to adverse market conditions after US President Donald Trump announced new import duties.
This year, IPO plans were also announced by the mining company of the Sons Trump American Bitcoin, created with the participation of the HUT 8 large mining company. It also became known that the American Bitcoin collaborates with the Chinese Bitmain, the largest manufacturer of mining equipment. The company is counting on the “large -scale deployment of a new generation of cars.” Prior to the launch of American Bitcoin, mining remained one of the cryptocurrency spheres, where the Trump family did not publicly participate.
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Source: Cryptocurrency
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