Circle Boosts IPO to $7.2B Valuation as BlackRock, ARK Fuel Investor Demand

According to updated filings with the U.S. Securities and Exchange Commission (SEC), Circle plans to offer 32 million shares—an increase from the 24 million initially proposed—at a revised price range of $27 to $28 per share. If priced at the top of this range, the IPO could raise over $896 million in gross proceeds, making it one of the largest public offerings of a crypto-related company since Coinbase's listing in 2021.

The Boston-based fintech firm, founded in 2013 by Jeremy Allaire and Sean Neville, is best known as the creator of USD Coin (USDC), a regulated and fully-backed stablecoin pegged to the U.S. dollar. USDC currently holds a market capitalization of approximately $61 billion, making it the second-largest stablecoin after Tether (USDT), and a critical component in decentralized finance (DeFi), institutional settlement, and payment ecosystems.

Circle’s decision to go public follows a string of strong financial performances. The company reported net income of $64.8 million on revenue of $578.6 million for the first quarter of 2025. These numbers represent a significant improvement compared to the same period last year and reflect growing adoption of stablecoins in cross-border transactions and on-chain finance.

In 2024, Circle generated approximately $1.68 billion in total revenue and reported around $156 million in net income. While not its first profitable year—Circle recorded $268 million in net income in 2023—the company continued to benefit from rising interest income on reserves backing USDC, which are held in short-term U.S. Treasuries and cash at regulated financial institutions.

The upsized IPO is further buoyed by notable institutional interest. BlackRock, the world’s largest asset manager, is looking to acquire up to 10% of the shares offered in the IPO. Meanwhile, Cathie Wood’s ARK Investment Management has committed to purchasing up to $150 million in shares, aligning with its thesis of investing in disruptive technologies and digital finance.

Circle’s close ties with BlackRock date back to 2022, when the asset management giant led a $400 million funding round in the company and began managing a portion of USDC’s reserve assets via the Circle Reserve Fund, a government money market fund registered with the SEC.

This is Circle’s second attempt at listing. The firm had previously sought to go public via a special purpose acquisition company (SPAC) merger with Concord Acquisition Corp. in 2021, which would have valued the firm at $4.5 billion. The deal was later amended in early 2022 to raise the valuation to $9 billion but was ultimately terminated in late 2022 due to prolonged regulatory review and adverse market conditions.

Circle’s IPO is being closely watched as a bellwether for broader sentiment toward the crypto industry in traditional capital markets. Stablecoins, once a regulatory gray area, have gained significant attention from lawmakers worldwide. In the United States, the Clarity for Stablecoins Act—currently under review in the Senate—aims to establish federal guidelines for the issuance and custody of dollar-backed stablecoins. The legislation has bipartisan support and echoes frameworks already implemented in jurisdictions like the UK, UAE, and Singapore.

Circle’s registration as a money transmitter in over 40 U.S. states and its cooperation with U.S. financial regulators have positioned it as a leader in regulatory compliance. The company has also advocated for clear rules governing the digital asset ecosystem, often testifying before Congress and coordinating with global financial bodies such as the Financial Stability Board (FSB).

According to Circle’s updated S-1 filing, the company intends to use IPO proceeds to expand its workforce, develop new product offerings, and pursue potential acquisitions in the fintech and blockchain infrastructure space. While the majority of the capital will go toward general corporate purposes, the company has signaled that it will prioritize expanding into international markets and reinforcing its stablecoin ecosystem, including Euro Coin (EURC) and other potential fiat-backed tokens.

Circle plans to list on the New York Stock Exchange under the ticker symbol CRCL, with Goldman Sachs, JPMorgan Chase, and Citigroup serving as lead underwriters. The offering is expected to price in mid-June, with trading commencing shortly thereafter.

Market analysts view the IPO as a litmus test for public investor sentiment on crypto-aligned fintech firms. While the broader cryptocurrency market has remained volatile, infrastructure firms like Circle—whose revenue is driven by interest earnings and financial rails—have proven more resilient.

If successful, Circle’s IPO will not only validate its business model but also mark a pivotal moment in bridging the gap between traditional finance and blockchain-based monetary systems.