Stablecoin issuer Circle Internet said Monday it is targeting a valuation of up to $7.2 billion on a fully diluted basis in its upsized initial public offering in the United States, signalling renewed investor interest in crypto firms under President Donald Trump’s administration.
The company and some existing investors now plan to raise as much as $896 million by offering 32 million shares priced between $27 and $28 each. That is up from the earlier proposal of 24 million shares priced between $24 and $26.
Circle, based in New York, operates USDC, the world’s second-largest stablecoin. The dollar-backed digital currency is expected to benefit from a forthcoming stablecoin bill that could spur greater institutional adoption.
Stablecoins are designed to maintain a constant value, typically pegged 1:1 with the U.S. dollar, and are often used by cryptocurrency traders to transfer funds between tokens.
Circle’s reserve income, which comes from interest earned on U.S. Treasuries backing its USDC holdings, rose 55.1% to $557.9 million for the quarter ended March 31.
However, distribution and transaction costs jumped 68.2% in the same period, outpacing revenue growth. The company distributes USDC primarily through Coinbase and other third-party platforms.
Circle is set to list later this week on the New York Stock Exchange under the ticker symbol “CRCL.” J.P. Morgan, Citigroup, and Goldman Sachs are leading the underwriting for the offering.
