Circle Increases IPO Funding Target to $896M Amid Strong Investor Demand

Circle, the issuer of USDC stablecoin, has revised its IPO ambitions upward, now targeting $896 million in proceeds. The company filed an updated prospectus with the SEC on Monday, revealing plans to offer 32 million shares at $27-$28 per share—a significant increase from the original 24 million shares at $24-$26.

Market appetite appears robust, with orders reportedly exceeding available shares by double-digit multiples. At the upper price range, Circle WOULD command a $6.2 billion valuation, swelling to $7.2 billion when accounting for employee stock options and warrants.

Institutional interest has crystallized quickly since the IPO announcement. ARK Investment Management, Cathie Wood’s tech-focused firm, may acquire up to $150 million in shares, while BlackRock has committed to 10% of the offering. The deal, underwritten by JPMorgan, Citi, and Goldman Sachs, will list on the NYSE under ticker CRCL with pricing expected June 4.