The IPO Buzz: Circle Internet (CRCL Proposed) Upsizes IPO to $880 Million

Circle Internet Corp. (CRCL Proposed), a cryptocurrency issuer, sharply upsized its IPO to $880 million – up from $600 million originally – according to new terms – an increase in both the number of shares and the proposed price range – in an S-1/A filing early today – Monday, June 2, 2025.

New York-based Circle Internet Corp. now plans to offer 32 million shares – up from 24 million shares originally – at a price range of $27.00 to $28.00 – up from a price range of $24.00 to $26.00 originally – to raise $880 million – if the IPO is priced at the $27.50 mid-point of its new price range.

J.P. Morgan, Citigroup and Goldman Sachs are the lead joint book-runners.

Of the 32 million shares in the IPO under its upsized terms, Circle Internet is offering 12.8 million shares – up from 9.6 million shares originally – and the selling shareholders are offering 19.2 million shares – up from 14.4 million shares originally.  The company will not receive any proceeds from the sale of the selling stockholders’ shares.

Circle Internet Corp. would have a market cap of about $6.06 billion – up from $5.43 billion under the original terms – if the IPO is priced at the $27.50 mid-point of its range.

Bankers expect to price Circle Internet Corp.’s IPO this week – on Wednesday night, June 4, 2025 – to trade Thursday, June 5, 2025 – on the New York Stock Exchange.

Circle Internet Corp. is known for USDC, its U.S. dollar-denominated stablecoin, according to the prospectus.

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