Circle Internet Group, the issuer of the stablecoin USDC, increased the size and price of the company’s initial public offering, according to a filing with the SEC on June 2nd. The company has upped the offer to up to 32 million shares priced between $27 and $28 each, up from 24 million shares at $24 to $26.
If we consider the top end of the new price range, the firm could raise as much as $896 million and increase its market capitalization to nearly $7.2 billion, according to Bloomberg calculations.
The pre-listing orders are seeing robust demand from investors like BlackRock, which has shown interest in picking up close to 10% of the IPO shares. Cathie Wood-led Ark Invest, too, said they were interested in buying as much as $150 million of shares in Circle’s IPO, according to the SEC filing. The move reflects mounting demand ahead of the company’s anticipated IPO pricing on June 4.
Circle said it has been approved for listing on the New York Stock Exchange (NYSE) under the ticker “CRCL.” According to CoinMarketCap, USDC is the seventh-largest cryptocurrency and the second-largest stablecoin in the world with $60 billion tokens in circulation. The dollar-denominated USDC stablecoin maintains a constant value pegged at 1:1 to the dollar.
The upsized IPO indicates strong investor appetite for crypto firms, especially in the backdrop of impending legislations that could make stablecoins more mainstream. Circle’s reserve income, its primary revenue source, from interest on the Treasuries backing its USDC coin, rose 55.1% to $557.9 million in the quarter ended March 31, a Reuters report showed.
