Circle, issuer of USDC Stablecoin, is aiming for a fully diluted valuation of up to $7.2 billion in future initial public offerings, according to a filing Monday with the Securities and Exchange Commission (SEC).
The company is currently planning to offer up to 32 million shares at prices of $27 to $28, each, which will rise from $24 million to $24 million to $26 to $26 when first filed in May. The move suggests that investors’ interest in the circle’s business is increasing, and is probably intensifying faster than expected.
That interest appears to come from some of the world’s most influential investors. In May, BlackRock, the world’s largest asset manager, was reported to be considering buying up to 10% of Circle’s IPO stake, according to people familiar with the issue. Ark Invest, an investment company led by Cathie Wood, shows its intention to buy $150 million worth of shares.
Circle’s IPO is because Stablecoins is celebrating a moment in the broader crypto market. Once considered niche devices used to be used in crypto trading, they are now widely integrated into decentralized finance (DEFI), remittances and even traditional financial rails.
According to Defilama, all Stablecoins currently have a total market capitalization of $248 billion, while Tether’s USDT makes up 62% of the market with $154 billion, with Circle’s USDC selling for $60 billion.
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