Circle Internet Group, the cryptographic firm which tried to make public in 2021 but ended up concluding its agreement, will finally enter the public equity market. Late Wednesday, Circle raised $ 1.05 billion in one of the most anticipated IPOs of the year.
The circle again increased the size of its agreement on Wednesday and above its range marketed when it sold 34 million shares at $ 31 each. Earlier this week, the company increased its offer to 32 million shares from $ 27 to $ 28 each, up compared to its initial terms of 24 million shares from $ 24 to $ 26. Circle will be negotiated on Thursday on the New York Stock Exchange under the Ticker “CRCL”.
At $ 31, Circle is estimated at $ 8.06 billion, based on $ 6.9 billion in circulation shares, plus the value of the purchase options in circulation, limited action units and mandates. The circle prospectus lists 15 investment banks working on the IPO, with JP Morgan, Citigroup and Goldman Sachs used as firm takers.
Circle is a leading American crypto company that emits the Stablecoin USD coin. In 2013, the Internet entrepreneur Jeremy Allaire and Sean Neville co-founded Circle, but Neville resigned as CO-PDG in 2019, leaving Allaire as sole managing director. Circle raised $ 1.1 billion in funding from investors, including Blackrock and Coinbase, according to Crunchbase.
The fintech is profitable. Circle declared $ 156 million in net revenues in the year 2024, compared to $ 268 million in net profit for the previous year. On a quarterly basis, Circle recorded a profit of $ 65 million for the three months closed on March 31, compared to $ 49 million in profits for the same period in 2024.
According to the prospectusThe CEO of Circle Allaire sells 1,582,160 shares and will benefit from a 23.7% participation once the IPO. At $ 31, Allaire should earn $ 49 million.
This story was initially presented on Fortune.com
