Circle IPO hits $1.1 billion on over-the-top stock sales

Circle, the company behind USDC stablecoin, has exceeded capital raising expectations in the expansion IPO held on Wednesday. According to Bloomberg, Circle and shareholders, including CEO Jeremy Allaire, sold 34 million shares at around $31 per share, raising approximately $1.1 billion. This values the company at $6.9 billion, or $8.1 billion if calculated on a fully diluted share basis. Just two days prior, Circle planned to sell 32 million shares at $27-28, expecting to raise $896 million at a valuation of $7.2 billion - significantly higher than the initial target of $600 million at a $5 billion valuation. Circle is currently the second-largest stablecoin issuer globally, with USDC having a market capitalization of around $60.9 billion. In the context of increasingly popular stablecoins (total supply about to reach $250 billion), the US Congress is pushing for new regulatory laws in this sector, specifically the GENIUS Act, which has now been submitted to the Senate. The article Circle IPO reaches $1.1 billion by selling shares beyond expectations first appeared on CoinMoi.