Circle Expands NYSE IPO, Raises $1.2B; CFO Sells Most Shares

HomeNews* Circle begins trading on the New York Stock Exchange, increasing its maximum share price to $31.

• The expanded stock offering could raise up to $1.2 billion, setting the company’s estimated value at just over $7 billion.
• Circle ranks as the second largest stablecoin issuer, with $61.5 billion in USDC circulation.
• Company executives took substantial profits, with the CFO selling three-quarters of his stock.
• The IPO supports Circle‘s plans for acquisition and expansion beyond just stablecoin issuance. Circle, a major stablecoin issuer, is set to start trading on the New York Stock Exchange today. The company has expanded its stock offering, raising the potential maximum share price to $31 and increasing the number of shares available for purchase.

• Advertisement - The company and its investors had planned to sell a combined 36.8 million shares. They expanded the offering by an additional 2.3 million shares, which includes an option for underwriters to buy 5.1 million shares. With these changes, Circle and its investors could raise up to $1.2 billion, with the company’s overall market capitalization now just over $7 billion.

Circle is best known for its USD Coin (USDC) stablecoin, which has $61.5 billion in active circulation. This places Circle as the second largest provider of stablecoins, behind Tether, which leads the market with $153.7 billion outstanding. Unlike Tether, which operates offshore, Circle focuses on being regulated and based in the United States.

The company plans to use proceeds from the offering to support acquisitions and new products. In addition to issuing stablecoins on various blockchains, Circle offers wallet solutions and recently introduced the Circle Payments Network—designed to provide banking and foreign exchange services. This move aims to broaden Circle’s operations and strengthen its presence in the digital finance sector.

During the IPO process, Circle executives sold notable portions of their stock. Co-founder Jeremy Allaire sold shares worth $49 million but still holds $580 million in stock. President and Chief Legal Officer Heath Tarbert, a former CFTC Chair, has $26 million in holdings, not including options. Chief Technology and Product Officer Nikhil Chandhok sold shares valued at $18.6 million, reducing his stake by 31% but retaining $42 million in stock.

Chief Financial Officer Jeremy Fox-Green made the largest individual sale, selling about 1.2 million shares for $37 million. This represents roughly three-quarters of his total position, far higher than the 200,000 shares initially planned for sale according to the prospectus. His current holdings stand at 405,000 shares.

Circle has two classes of shares. The Class B shares have special voting rights and represent 30% of the total votes. Founders Jeremy Allaire and P. Sean Neville own all Class B shares, with Allaire holding most of this bloc.

• Advertisement - As Circle moves forward as a public company, the IPO has generated significant personal wealth for key members of its leadership.

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