After more than two years and numerous acquisition rumors, stablecoin issuer Circle is finally going public. According to documents filed with the U.S. Securities and Exchange Commission (SEC), Circle plans to issue 24 million shares at a price range of $24 to $26 per share, aiming to raise over $200 million. Cathie Wood’s ARK Investment Management has also expressed interest in purchasing up to $150 million worth of shares in the IPO.

Circle IPO Overview

Circle plans to launch its Initial Public Offering (IPO) on May 27, 2025, raising funds through the issuance and sale of Class A common stock.

• Number of shares offered: 24 million
  (9.6 million newly issued by Circle, 14.4 million offered by existing shareholders)
• Expected price range: $24 to $26 per share
• Stock exchange: New York Stock Exchange (NYSE)
• Ticker symbol: CRCL

Additionally, underwriters will have an option to purchase additional shares. If fully exercised, the total new shares issued by Circle would increase from 9.6 million to 13.2 million.

At an assumed offering price of $25 per share, Circle expects to raise approximately $213.2 million in net proceeds. If underwriters fully exercise their option, the total proceeds would reach approximately $298 million.

ARK Intends to Subscribe Up to $150M in CRCL Stock

The IPO is being led by JPMorgan, Citigroup, and Goldman Sachs. According to documents seen by Bloomberg News, pricing for the deal is expected to take place on June 4.

Post-IPO Share Structure:

• Class A common shares: 197,034,661 shares
  (or 200,634,661 shares if underwriters exercise the full option)
• Class B common shares: 20,305,454 shares
  (with 5x voting rights)

Circle co-founders Jeremy Allaire and P. Sean Neville hold Class B shares, accounting for 30% of total voting power.

Major shareholders include Accel, Breyer Capital, General Catalyst, IDG Capital, Oak Investment Partners, and FMR-affiliated entities. The tech-focused firm ARK Investment Management, founded by Cathie Wood, plans to purchase up to $150 million worth of CRCL shares in the IPO.

Coinbase Not Listed Among Major Shareholders

Interestingly, Coinbase, a long-time partner of Circle, does not appear on the list of shareholders owning 5% or more. According to estimates, Coinbase may hold only around 3.5% of Circle’s shares. However, based on the IPO pricing, this investment could bring over 4x returns for Coinbase.

Additionally, Coinbase earns nearly 50% of Circle’s reserve income annually, making it an extremely profitable investment.