After seven years of running, policy finally leads the way—Circle is just one step away from going public
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After seven years of running, policy finally leads the way—Circle is just one step away from going public
Allow a portion of truly high-quality "crypto stocks" to enter the U.S. mainstream capital market first.
Navigating Web3 tides with focused insightsAuthor: Golem
Circle, the compliance-focused stablecoin giant, could become the first beneficiary following the passage of the U.S. stablecoin bill, the GENIUS Act.
On May 27, Circle disclosed the latest progress on its NYSE IPO application. Circle plans to issue 24 million Class A shares, with 9.6 million offered by the company and 14.4 million sold by existing shareholders. The expected price range is $24 to $26 per share, potentially raising nearly $250 million for Circle and generating close to $375 million for selling shareholders.
Circle’s updated target valuation stands at $6.71 billion, exceeding its previous $4–5 billion estimate. While the IPO process continues smoothly, the final outcome remains uncertain. Over the next 3–5 months, Circle will still undergo inquiries from the U.S. SEC. Meanwhile, as mainstream U.S. capital markets grow more accepting of crypto, some delisting-risk companies are "loading shells with tokens" to inflate stock prices. The traditional financial market urgently needs more genuinely high-quality “crypto stocks”...
A Seven-Year Marathon to Listing
Viewed in hindsight, Circle's path to going public resembles a grand cultivation novel—where the protagonist endures seven years of hardship before achieving ascension.
IPO Ambitions Born, Foiled by Bear Market
Circle first revealed its IPO ambitions back in 2018, when it launched the USDC stablecoin and acquired cryptocurrency exchange Poloniex. That same year, Circle secured $110 million in funding from Bitmain, IDG Capital, Breyer Capital, and others, reaching a $3 billion valuation.
However, the sudden crypto bear market in 2019 caught everyone off guard. Circle’s valuation plummeted 75% to $750 million, forcing it to sell Poloniex to Justin Sun. With crisis looming, Circle’s IPO plan naturally fell apart.
SPAC Merger Attempt Meets Regulatory Hammer
In 2021, after two years of regulatory compliance efforts and business growth, USDC had become the second most influential stablecoin after USDT, allowing Circle’s IPO plan to resurface. On July 8, 2021, Circle announced it would go public via a SPAC (Special Purpose Acquisition Company) merger with Concord Acquisition Corp under the ticker “CRCL,” with a $4.5 billion valuation. Despite recovering market conditions, regulatory hostility toward crypto remained strong. Circle sought to bypass traditional IPO scrutiny through the SPAC route.
Yet this IPO attempt also failed. In July 2021, Circle publicly disclosed receiving a subpoena from the U.S. SEC’s enforcement division demanding proof that USDC was not a security. After prolonged regulatory disputes and repeated delays, Circle officially terminated its SPAC merger plan in December 2022.
Despite this setback and ongoing regulatory pressure from the U.S. SEC, Circle refused to give up. CEO Jeremy Allaire stated after the failure, “Circle remains committed to becoming a public company over the long term.” In June 2023, Circle hired corporate legal counsel specifically to “support potential listing processes.”
Repeated IPO Filings, Persistence Finally Pays Off
At the start of 2024, perhaps learning from past failures, Circle chose a more traditional approach, secretly filing its IPO application in January without disclosing the number of shares or pricing range. This filing was extremely low-key; since being exposed by media, the company has consistently declined to comment on any interactions with the SEC or other regulators. Instead, Circle focused on strengthening its team and stabilizing finances to increase the likelihood of approval.
After a long wait, on April 2, 2025, Circle resubmitted its S-1 form to the U.S. SEC, aiming to list on the NYSE under the ticker “CRCL,” though no pricing range was announced. Subsequent market reports indicated that Circle continued to delay its IPO. On May 20, Circle confirmed it was still advancing its IPO plans, targeting a valuation of at least $5 billion, and had already rejected acquisition offers from Coinbase and Ripple.
Finally, on May 28, 2025, Circle updated its IPO details: 24 million Class A shares to be issued, with 9.6 million from the company and 14.4 million from existing shareholders, priced between $24 and $26 per share. According to Reuters, Circle’s target valuation now stands at $6.71 billion.
Although the exact listing date wasn’t specified, Cathie Wood’s ARK Investment has expressed interest in purchasing $150 million worth of Circle shares during the IPO.
Does This Update Mean Listing Is Guaranteed?
Over the years, Circle has taken numerous compliance measures to achieve listing, including adopting more transparent audit mechanisms, obtaining New York State’s BitLicense, launching the euro-backed stablecoin EUROC, and complying with MiCA regulations. But does this mean success is now guaranteed?
While Circle has formally submitted its IPO application, several critical steps remain before actual NYSE trading begins:
SEC Review and Registration Statement Effectiveness
Filing does not mean approval. Circle explicitly noted in its latest S-1 form: “The offering is subject to market conditions and there can be no assurance as to when or whether it may be completed.” Prior to listing, the SEC must review the registration statement (via Comment Letters), resolve all material concerns, and declare the registration “effective.” This process typically involves one to two rounds of feedback and takes 3 to 5 months.
Roadshow, Pricing, and Over-Allotment Option
Once the SEC declares effectiveness, the underwriting syndicate (including JPMorgan, Citigroup, Goldman Sachs, etc.) will conduct a short roadshow to gauge institutional demand and finalize the offering price. Circle has also granted underwriters a 30-day option to purchase up to an additional 3.6 million shares.
Official Trading Commencement
Only on the day after pricing (typically one trading day post-pricing) will CRCL shares begin trading on the NYSE. Only then will Circle’s IPO be fully realized.
In summary, filing an IPO is merely a “foot in the door.” At this stage, Circle’s successful listing cannot yet be considered certain. However, given current market and regulatory conditions, if the Fed maintains policy stability during the SEC’s review period over the coming weeks, if regulators continue their crypto-friendly stance, and if no major market volatility or black swan events occur, Circle’s probability of a successful IPO exceeds 80%.
Mainstream Capital Markets Need Real “Crypto Stocks”
If Circle ultimately succeeds in its NYSE listing, it will mark a milestone for the entire crypto industry and further solidify mainstream financial markets’ recognition of crypto.
A successful listing would also encourage other crypto firms to actively pursue IPOs. Several have previously expressed such intentions:
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Kraken: Ever since Coinbase’s successful IPO in 2021, Kraken has repeatedly attempted to follow suit. Bloomberg reported it is now actively preparing for a Q1 2026 IPO;
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Gemini: Cryptocurrency exchange Gemini hinted at an IPO as early as 2021, with rumors suggesting it may have already filed confidentially. Working with Goldman Sachs and Citigroup, it could potentially go public as early as 2025;
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Bullish: Bullish Exchange aimed to go public via SPAC in 2021, but the plan was ultimately shelved;
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BitGo: U.S.-based crypto custodian BitGo is considering an IPO as early as the second half of 2025;
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With the stablecoin bill moving forward and the Trump organization continuing to signal support for crypto, mainstream U.S. capital markets are increasingly incentivized to enter the crypto space. As one observer put it, “U.S. equity markets are willing to pay over $2 for every $1 of crypto assets.” The market’s growing appetite for crypto is evident. Yet undeniably, investors in mainstream U.S. capital markets still face limited exposure to genuine crypto assets, leaving them to invest only in peripheral “crypto-related” stocks, such as companies building crypto reserves.
This situation, however, creates opportunities for low-quality U.S. stocks on the brink of delisting—they buy small amounts of crypto to inflate stock prices and boost valuations (see: Bloomberg’s chief financial writer on the logic behind U.S. listed companies’ crypto buying spree). But these firms’ fundamentals remain unchanged. There’s only one Strategy. When the mainstream market eventually sees through this trick, the broader crypto industry may suffer collateral damage.
The urgent need now is to bring more truly high-quality “crypto stocks” into mainstream U.S. capital markets.
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