Circle, a significant player in the cryptocurrency market, is poised to make history by becoming one of the first major cryptocurrency companies to go public in the United States. The company will offer 9.6 million shares in its initial public offering (IPO), which is expected to be priced between $23 and $26 per share.
IPO Details
- The IPO will allow Circle to raise up to $249 million, according to a regulatory filing with the U.S. Securities and Exchange Commission (SEC).
- Circle had previously filed for an IPO with regulators last year but delayed it due to market volatility.
Shareholder Sales
- Existing shareholders will sell 14.4 million shares, accounting for 60% of the total shares being sold.
- This unusually high percentage of insider sales contrasts with traditional tech IPOs, where typically more than half of the shares are sold by new investors.
- For comparison, Facebook’s IPO in 2012 was an exception, with existing stakeholders selling only 57% of their shares.
Market Context
- The decision by Circle’s leadership may be influenced by a prolonged drought in tech IPOs since President Joe Biden took office and rising interest rates that have made it harder for late-stage startups to access capital through private markets.
- According to data from PitchBook and Bloomberg Intelligence, there were only two major U.S.-based technology companies that went public last year – Rivian Automotive Inc. and Roblox Corp., raising a combined $12 billion.
Expansion of Services
Circle has been expanding its services beyond cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) into stablecoins like USDCoin (USDC), which is pegged one-to-one against USD reserves held at commercial banks or other financial institutions under reserve agreements or similar arrangements designed specifically for such purposes as required under applicable law or regulation (referred to as "Reserve Requirements").
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