Circle (CUBE) finalizes its initial public offering following a significant upward revision in its pricing and intended share sales. The stablecoin issuer announced $31 IPO pricing and a proposed offering of 34 million shares, expected to list on the NYSE on Thursday.
This announcement follows an amendment the firm filed Monday, where it increased the share count to 34 million (originally intended 32 million) and raised the anticipated offering price range to between $27 and $28 per share—up from $24-$26.
“The changes in the Monday filing marked a crystal-clear signal of strong demand among institutions,” architect partners’ Eric Risley previously told Blockworks.
Institutional interest has been indicated, with Ark Invest reportedly showing potential interest in acquiring approximately $150 million worth of shares. Bloomberg suggested BlackRock might also seek Circle stock.
Digital asset research head Matthew Sigel (VanEck) described Circle as positioning itself as a “boring is beautiful trade.” He also noted that compared to rivals like Coinbase, Circle “doesn’t possess the same volatility, beta, meme potential or brand recognition,” potentially challenging retail investor adoption.
Circle had previously planned a market debut this week, leading Freedom Capital Markets strategist Jay Woods to suggest Thursday might be a common choice, factoring into their scheduling decision.
The formal filing of its S-1 amendment appears to have put an end to rumoured potential acquisition talks with Coinbase or Ripple.
Ben Strack contributed reporting.
