Circle, the issuer of USDC stableecoin, aims at a fully diluted valuation of up to $ 7.2 billion in the upcoming original public offer, according to a Monday filing for Securities and Exchange Commission (SEC).
The company is now planning to offer up to 32 million shares that are priced between $ 27 and $ 28 each, up from 24 million shares to $ 24 to $ 26 when it first filed in May. The move suggests that the investor interest in Circle’s business is growing and possibly heated faster than expected.
This interest seems to come from some of the world’s most influential investors. In May, it was reported that Blackrock, the world’s largest asset manager, is considering buying up to 10% of Circle’s IPO shares, according to people who are familiar with the case. Ark Invest, the investment company led by Cathie Wood, has also signaled the intention of buying $ 150 million in stock.
Circle’s IPO is coming as stableecoins have a moment in the wider crypto market. Once they are considered niche instruments that were mostly used for crypto trade, they are now widely integrated into decentralized funding (defi), transfers and even traditional funding rails.
The total market capital for all stableecoins is now at $ 248 billion, with Tether’s USDT, which makes up 62% of the market at $ 154 billion, followed by Circle’s USDC at $ 60 billion, according to Defillama.
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