Circle’s Second Act: From SPAC Failure to NYSE Comeback
$880M Upsized Offering Aims for $6.1B Valuation
Not to be outdone, Circle—issuer of the USDC and EURC stablecoins—upped the ante, disclosing it would now sell 32 million Class A shares at $27 to $28 per share. That’s up from a previous plan of 24 million shares, a move that boosts its fundraising target to $880 million, and puts the company on track for a $6.1 billion valuation if priced at the midpoint.
This marks Circle’s second try at going public. A 2022 SPAC merger fizzled out, leaving the company grounded. But this time, Circle’s offering is gaining real traction—a testament to stablecoins’ growing legitimacy in global finance.
Circle’s backers, including Accel, Breyer Capital, and General Catalyst, are offering 19.2 million shares, while the company will sell the remaining tranche. The listing is expected to price by Thursday, with J.P. Morgan and Citigroup as lead underwriters and Davis Polk & Wardwell LLP advising the company. Circle is set to list on the New York Stock Exchange under the ticker CRCL.
