Cryptocurrency issuer Circle Internet Corp. (CRCL) upsized its IPO at pricing to 34 million shares and priced the IPO at $31.00 – $3.00 above the top of its range, which was recently revised upward – to raise $1.05 billion on Wednesday night, June 4, 2025.
Circle Internet’s stock scored a moonshot today – Thursday, June 5, 2025 – opening at $69.50 – more than double its $31.00 IPO price – in its debut at midday on the New York Stock Exchange. At the closing bell, Circle Internet’s stock ended at $83.23 – up $52.23 for a gain of 168.48 percent from its IPO price. (Editor’s Note: The IPO Buzz column was updated on Thursday, June 5, 2025, with news on Circle Internet’s NYSE debut; the column was initially posted online on Wednesday evening, June 4, 2205.)
The New York-based company added 2 million shares at pricing – increasing the deal’s size to 34 million shares from 32 million shares in the prospectus. Circle Internet had upsized its IPO substantially – to 32 million shares at a price range of $27.00 to $28.00 to raise $880 million – in an SEC filing early Monday, June 2, 2025. The original terms were 24 million shares at a price range of $24.00 to $26.00 to raise $600 million.
J.P. Morgan, Citigroup and Goldman Sachs served as the lead joint book-runners.
At pricing, Circle Internet Corp. had a market cap of about $6.89 billion.
Circle Internet Corp. is known for USDC, its U.S. dollar-denominated stablecoin.
Of the 34 million shares in the upsized IPO, Circle offered 14.8 million shares and selling shareholders offered 19.2 million shares, according to the prospectus.
The company went public as Congress is considering cryptocurrency legislation, a development that could enhance crypto’s legitimacy, according to financial regulation experts.
Getting a Lift from eToro
Circle Internet’s IPO benefited from the warm reception that eToro Group Ltd. (ETOR) got for its IPO in mid-May. eToro, a crypto-focused trading platform for retail investors, had a nice day on Wednesday, June 4, 2025, when its stock (ETOR) closed on NASDAQ at $65.35 – up $13.35 or up 25.67 percent from its IPO price of $52.00 on May 13, 2025. In its first day of NASDAQ trading on May 14, 2025, eToro’s stock opened at $69.69 – up $17.69 for a 34 percent gain from its IPO price – and closed at $67.00 on volume of 13.07 million shares. eToro is based in Israel.
Cornerstone investor Ark Investment Management, known as Cathie Wood’s firm, had indicated an interest in buying up to $150 million of stock in Circle Internet’s IPO, the prospectus said.
BlackRock let it be known that it was interested in buying up to 10 percent of Circle Internet’s IPO, Bloomberg reported last week.
Circle Internet Corp. (CRCL) is profitable, according to the financial statements in the prospectus.
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