Market News
Stablecoin giant Circle targets $6.7 billion valuation in US IPO - REUTERS
By Arasu Kannagi Basil and Pritam Biswas
Summary
- Circle, shareholders seek as much as $624 million
- Cathie Wood's ARK set to buy up to $150 million of shares in IPO
- Stablecoin giant had tried going public through SPAC deal previously
May 27 (Reuters) - Circle Internet said on Tuesday it was targeting a valuation of up to $6.71 billion on a fully diluted basis in its U.S. initial public offering, as the stablecoin giant looks to tap into growing optimism around cryptocurrency.
New York-based Circle and some existing investors are looking to raise up to $624 million by offering 24 million shares priced between $24 and $26 apiece.
U.S. President Donald Trump's administration has embraced cryptocurrencies and pledged a more "rational" approach to digital asset regulations, encouraging companies from the industry to go public.
