- Circle aims to raise $250M in NYSE IPO, offering 24M Class A shares at $24–$26 each.
- ARK Invest plans $150M share purchase, signaling strong institutional backing.
- Founders retain control with Class B shares despite public offering.
Circle Internet Group, the issuer of the USDC stablecoin, has filed to go public on the New York Stock Exchange, marking its latest attempt to enter public markets after previous setbacks. The company disclosed plans to offer 24 million Class A shares, with 9.6 million being sold by the company and 14.4 million offered by existing stakeholders.
The expected IPO price range is $24 to $26 per share. If priced at the top end, the total offering could exceed $625 million, with Circle raising nearly $250 million and existing shareholders collecting around $375 million.
Circle revealed in a regulatory filing that ARK Investment Management, led by Cathie Wood, has shown interest in purchasing $150 million worth of shares in the IPO. This commitment would represent one of the largest anchor interests in the offering. The company also stated that underwriters may be granted a 30-day option to purchase up to 3.6 million additional shares.
— 𝕏aif
: Circle is moving ahead with its IPO plans to list on the NYSE, signaling no acquisition by Ripple or Coinbase — despite earlier rumors that Ripple might absorb the USDC issuer #XRP pic.twitter.com/OUpbQ9tsYg
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(@Xaif_Crypto) May 27, 2025
The underwriting syndicate includes J.P. Morgan, Citigroup, and Goldman Sachs & Co. LLC, all of which act as joint lead active book-runners for the transaction.
Corporate Structure Maintains Founders’ Influence
While going public would introduce a broader base of public shareholders, Circle’s governance structure ensures that its founders retain control. Jeremy Allaire and Sean Neville, Circle’s co-founders, will hold Class B shares that carry five votes per share. This setup will provide them with outsized voting power despite the sale of Class A shares to the public.
Despite this voting arrangement, Circle clarified that it will not qualify as a “controlled company” under NYSE listing standards. This means that Circle will still be subject to the full range of public company governance requirements, including transparency obligations and board independence standards.
Circle’s latest IPO filing follows nearly four years of efforts to become a public company. In 2021, the firm initially tried to go public through a special purpose acquisition company (SPAC). Still, that effort collapsed after the Securities and Exchange Commission failed to approve the merger in time.
The current public offering was set in motion by an S-1 filing with the SEC submitted on April 1, 2025. Despite this move, reports later emerged suggesting that Circle had also explored selling the company outright.
Adding to this sentiment, according to a recent report by Fortune, Circle was in discussions for a potential $5 billion acquisition. Interested parties reportedly included Coinbase, which is already a public crypto exchange, and Ripple, the firm behind the RLUSD stablecoin. These talks did not result in a transaction, and Circle resumed its IPO strategy.
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