Circle Internet Group, the issuer of the USDC stablecoin, launched its long-awaited initial public offering in late May and shares soared on its trading debut on June 5.
Circle upsized the deal and priced 34 million shares at $31 each, raising about $1.1 billion. The company was valued at $6.8 billion before trading began, or roughly $8 billion on a fully diluted basis. Circle originally planned a smaller offering of 24 million shares in the $24–$26 range, later raised to $27-$28, but strong demand drove the final size and price above those ranges.
The offering ranks as one of the largest crypto-related listings since Coinbase’s Nasdaq debut in 2021.
A hot start
Circle’s stock began trading on the New York Stock Exchange under the ticker CRCL on June 5. The debut saw a surge in price with shares opening around $69.50 (up 124% from the $31 IPO price) and traded as high as $103.75. This sharp gain signals strong investor appetite for a crypto firm’s listing.
For comparison, Coinbase’s 2021 had an initial reference price of $250 and closed its first day near $328. Shares completely lost any post-IPO momentum and are now sitting at $245. However, the stock bottomed in 2023 at $31.55.
Is Circle doomed to see a similar fate? Analysts aren’t convinced. For starters, Circle’s core stablecoin, USD Coin (USDC), is already one of the world’s largest cryptocurrencies with roughly $60–61 billion in circulating supply, and is second only to Tether.
USDC’s adoption by exchanges, payment providers, and banks has made Circle a key player in digital finance. The firm’s financial track record is also stronger than many crypto startups. Notably, it reported $1.68 billion in revenue for 2024. Circle’s net income was $155.7 million last year, which was down from $267.5 million in 2023.
Regardless, the company is profitable, which is a rarity among crypto-native firms. One would expect that support from the crypto friendly White House will translate to rising profits over the coming years.
Reactions and outlook
Market commentators have praised Circle’s move as a sign that crypto firms can meet “investor and regulatory expectations.” Roshan Robert, U.S. CEO of the OKX exchange, told crypto.news in a statement that Circle’s IPO represents “a major milestone, not just for stablecoins,” adding that it “demonstrates that crypto firms can operate transparently and compliantly in U.S. markets.”
Robert also noted that IPO readiness is no longer theoretical but strategic, adding that OKX is building with a long-term mindset focused on compliance and growth.
He noted the IPO “tests whether [public markets] are truly ready to meet investor and regulatory expectations,” and that companies like Circle are “helping define what [IPO] readiness looks like.”
Circle itself has emphasized transparency in its S-1 filings, noting that going public will subject it to U.S. securities laws and rigorous disclosures “designed to engender trust” from banks, enterprises and regulators.
Circle’s success also shines a light on the regulatory environment. Policymakers in Washington have been debating stablecoin rules as Circle prepared its IPO. The company’s strong debut may reinforce the case for clearer oversight of digital dollars, since Circle can now prove it can manage the scrutiny that public companies are subject to.
If Circle maintains compliance and growth, it may indeed “open public markets” wider to more digital-asset businesses, as Robert noted.
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