Circle has already oversubscribed the IPO limit by 25 times and adjusted upward. Currently offering 34 million Class A common shares at $31 per share, aiming to raise over $1 billion.
The company's IPO success is inspiring other enterprises, and Plasma increased its own deposit limit this morning. Corporate investment is flowing into the cryptocurrency sector, and Pump Fund's ICO is also aiming to raise $1 billion.
Circle Sets IPO Target
Among the long-awaited IPOs in the cryptocurrency industry, Circle's IPO was the most anticipated. Rejecting previous acquisition proposals (though this remains controversial), the USDC issuer set a goal to raise $624 million at a price of $24-26 per share.
However, due to the intensity of oversubscription, they set a higher target and are now aiming for a fully diluted valuation of $8.1 billion.
As one of the world's largest stablecoin issuers, Circle has many reasons to be confident about this IPO. Its payment network is very robust, breaking transaction volume records in May and achieving cross-chain bridging earlier this week.
As the IPO progresses well, they added 8 million shares and raised the price to $31 per share, enabling them to raise over $1 billion.
Naturally, Circle's IPO success is influencing the broader cryptocurrency community. Plasma, a blockchain designed to process stablecoin payments, announced an increase in public sales today.
Based on community feedback, we're raising the initial deposit cap to $250 million to support fair inclusion and broad participation.
Individual deposits will be limited to $50 million.
Indeed, some indicators suggest that excessive corporate investment benefits the entire cryptocurrency industry. Despite scandals and market manipulation concerns, Pump Fund's new ICO is aiming to raise $1 billion.
In this optimistic market atmosphere, Circle's aggressive IPO pursuit is very rational.
If Circle achieves these ambitious IPO goals, the company will have sufficient resources to pursue new businesses.
While the IPO plans have drawn significant attention in recent months, the company has expressed its intention to compete for Tether's stablecoin market share. This seems challenging but possibilities are endless.
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
