Circle Internet Financial, the issuer of USD Coin (USDC), is preparing to list on the New York Stock Exchange under the ticker CRCL. According to investor Chamath Palihapitiya, the company’s initial public offering (IPO) has drawn demand that is 25 times greater than the available supply of shares.
Circle to Raise $1.05 Billion at $31 Per Share
Circle will sell 34 million shares at $31 each, above its previously marketed range of $27–$28. This pricing values the company at approximately $6.9 billion, based on 220 million outstanding shares. The company also gave underwriters a 30-day option to buy up to 5.1 million additional shares.
Circle plans to use the proceeds to pay tax obligations, develop new products, and expand its operations, according to filings submitted to the U.S. Securities and Exchange Commission (SEC).
This IPO is Circle’s third attempt to go public. It canceled a 2021 SPAC merger because of regulatory delays and market instability. In April 2025, it paused another IPO plan after U.S. tariffs disrupted global markets.
Chamath Palihapitiya said acquiring Circle could benefit firms like Ripple or Coinbase due to the company’s position in the stablecoin market. He added that purchasing Circle for $12–13 billion could prove favorable over a long-term horizon.
“If someone can buy it for even $12–13 billion, that’s a steal, imo, for what this business could be worth in 20 years,” he wrote.
Palihapitiya also mentioned that companies such as Stripe, Block (formerly Square), Ripple, and Coinbase could compete for leadership in stablecoin infrastructure. He stated that firms offering efficient, low-cost solutions may gain the most market share in the long run.
Ripple’s Alleged Bids for Circle May Now Require Higher Valuation
Ripple Labs reportedly offered $5 billion to acquire Circle, but Circle rejected the bid. Later, Ripple allegedly increased its offer to between $9 billion and $11 billion. Ripple’s CEO denied submitting a $10 billion offer but did not rule out the possibility of discussions.
Circle has denied entering acquisition talks with either Ripple or Coinbase.
Now that Circle’s IPO is heavily oversubscribed, the company has gained stronger leverage. It may choose to continue independently unless future bids come at a significantly higher valuation.
Oversubscription Points to Strong Demand
Zero Hedge reported that Circle’s IPO is 25 times oversubscribed. This indicates that investors want far more shares than the company is offering. With 34 million shares available, demand has exceeded 850 million shares’ worth.
Major investors have shown interest. ARK Invest, led by Cathie Wood, plans to invest $150 million. BlackRock reportedly aims to acquire at least 10% of the company when it lists.
Market analysts say this level of demand shows the belief that Circle’s IPO pricing does not fully reflect its share of the stablecoin sector.
As of June 2025, Circle oversees $62 billion in USD Coin (USDC) circulation, accounting for roughly 27% of the global stablecoin market.
In 2024, the company generated $1.68 billion in revenue. The net income declined by approximately 42% year-over-year, falling from $267.5 million in 2023 to $155.7 million. The company stated in its filings that it intends to reinvest its earnings and does not plan to issue dividends at this time.
