Stablecoin firm Circle targets $6.71B valuation in New York IPO

Investing.com -- Circle Internet, the New York-based stablecoin giant, announced on Tuesday that it aims to achieve a fully-diluted valuation of up to $6.71 billion in its initial public offering (IPO) in New York. This move comes amidst a growing interest in cryptocurrency.

The company and some of its current investors plan to raise up to $624 million through the sale of 24 million shares, with a price range of $24 to $26 per share. ARK Investment Management, led by Cathie Wood, has expressed its intention to purchase up to $150 million worth of Circle’s shares in the IPO.

In this offering, Circle will put up 9.6 million shares, while the remaining 14.4 million shares will be sold by existing shareholders. These include venture capital firms Accel and General Catalyst, who have decided to sell their shares.

Circle, established in 2013, is the primary operator of the stablecoin USDC. According to CoinGecko, a crypto market tracking platform, USDC has a market capitalization exceeding $60 billion.