Update (June 5, 12:50 am UTC): This article has been updated to include more information about Circles’ IPO.
Stablecoin issuer Circle Internet Group, Inc. has again boosted its initial public offering to $1.05 billion, pricing its shares above its previous marketed range.
The USDC (USDC) stablecoin manager said on June 4 that it will now look to offer 34 million shares at a price of $31 each when it debuts on the New York Stock Exchange on June 5.
Previously, Circle was offering 32 million shares at a range of $27 to $28 per share, up from its first advertised offering of 24 million shares priced between $24 and $26.
Circle also has granted its underwriters a 30-day option to purchase an additional 5.1 million shares.
The latest IPO pricing gives Circle a valuation of $6.9 billion based on the more than 220 million outstanding shares listed in a June 2 filing with the Securities and Exchange Commission.
The firm currently has no plans to pay a dividend to shareholders, and instead intends to “retain all available funds and any future earnings, if any, to fund the development and expansion of our business,” according to the filing.
Asset investment giant BlackRock has reportedly flagged plans to snap up a minimum 10% stake in the stablecoin giant upon its public debut.
Under the previous offering with shares priced at $27, Circle said it would have made $319 million in net proceeds, which are earmarked to pay $111 million of tax withholding and remittance obligations, invest in new products, expansion, and potential acquisitions.
Circle’s third go at IPO
Initially, Circle filed its IPO with the SEC on April 1, then paused its plans after President Donald Trump’s April 2 tariff announcements tanked global markets and stopped many in-the-works public offerings.
The firm also tried to go public back in 2021, which would have seen Circle acquired by an Irish holding company. However, the deal never went through.
Circle’s upsized debut comes as other crypto companies have boosted their IPO’s, including crypto and stock trading platform eToro, which boosted the size of its May IPO to $620 million, up from $500 million.
Related: ‘Dark stablecoins’ could emerge as regulations tighten
Other crypto companies are mulling plans to go public as well. Crypto exchange Kraken is reportedly considering a public offering this year.
Crypto custody services firm BitGo launched a global over-the-counter trading desk for digital assets in February, after it was reported to be gearing up for an IPO slated for later this year.
In 2021, Coinbase was the first major crypto firm to go public in the US, listing its shares on the Nasdaq.
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