Circle has successfully held its initial public offering (IPO) on the New York Stock Exchange, raising $1.05 billion thanks to high investor interest.
Market Debut
Circle began trading on the New York Stock Exchange under the symbol CRCL. The company set the share price at $31 each, selling 34 million shares. Originally, Circle aimed to offer 24 million shares at $24–$26, but demand led to an increase in the offering size to 34 million before the market opened. The offering was led by JPMorgan, Goldman Sachs, and Citigroup, which were granted an option to sell an additional 5.1 million shares over 30 days.
ARK Investment Plans
ARK Investment Management, led by Cathie Wood, announced plans to purchase up to $150 million in Circle stock. This institutional interest contributed to the increased offering size. It's noteworthy that Circle's IPO occurred amid renewed activity in public markets.
Circle's Financial Performance
Circle reported revenues of $1.68 billion and a net profit of $156 million for 2024. While this is a decrease compared to the $268 million profit on $1.45 billion in revenue in 2023, the results confirm the company's sustained profitability.
Circle's IPO on the NYSE highlights the company's significance in the realm of internet finance and its contribution to the stablecoin market. The prospects for further growth and expansion remain high, especially considering the interest from major institutional investors.
