The IPO Buzz: Circle Internet Prices Upsized IPO $3 Above Range & Scores a Moonshot

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.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com  website.)

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the  shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.