Circle announced its new expected price in a Monday filing with the Securities and Exchange Commission.
At the top end of the new price, Circle would raise $896 million and gain a valuation of $7.2 billion, Reuters reported Monday.
The report attributed the upsizing of the IPO to Circle’s growing momentum in the stablecoin market, strong investor appetite for crypto firms at a time when President Donald Trump has promised a friendlier regulatory environment for the sector, and the expectation that the company will benefit from the stablecoin bill that is making its way through Congress.
Circle is set to go public in New York later this week, per the report.
When Circle filed for its IPO on the New York Stock Exchange under the ticker symbol “CRCL” Tuesday, at the price target of $24 to $26 per share, it sought a valuation of $5.65 billion, PYMNTS reported at the time.
Circle is betting that the credibility conferred by becoming a public company will help it in a financial environment skeptical of opaque crypto firms, according to that report. By going public, Circle will subject itself to the scrutiny of U.S. securities laws, quarterly earnings reports and regulatory disclosures, all elements designed to engender trust from risk-averse enterprises, banks and governments.
The company’s goal for its IPO is to position itself favorably to become the financial utility layer of the internet.
Circle announced May 21 that its stablecoin-powered cross-border payments network, the Circle Payments Network (CPN), is now live and that it supports B2B supplier payments, cross-border remittances, treasury and global cash consolidations, recurring enterprise payments, and payroll and mass disbursements.
In January, Circle acquired Hashnote, the issuer of the USYC stablecoin incubated by Cumberland Labs, saying that it would integrate USYC with Circle’s own USDC stablecoin, allowing USYC to become a preferred form of yield-bearing collateral on crypto exchanges, as well as with custodians and prime brokers.
