Circle Rockets to NYSE with Explosive IPO Launch

Hold onto your hats, crypto fans! Circle, the powerhouse behind the USDC stablecoin, just blasted off with an initial public offering on the New York Stock Exchange. That's right, the stablecoin juggernaut is officially going public!

On a sizzling Tuesday, May 27, Circle dropped the bomb: they're launching an IPO on the NYSE. Get ready to see them trade under the ticker symbol CRCL, starting at a fiery $24 to $26 per share. This is the real deal, folks!

They're putting a whopping 24 million shares out there for grabs. Circle itself is issuing 9.6 million fresh shares, while early investors and current stockholders are cashing in with 14.4 million shares up for grabs. It's a gold rush!

The big guns, J.P. Morgan, Citigroup, and Goldman Sachs, are steering this IPO ship. Circle's timing is spot-on, riding the wave of a crypto-friendly vibe in the U.S. And let's not forget, Circle isn't just any stablecoin issuer; they're the biggest in the U.S., gunning straight for Tether's crown!

Founders Keep the Reins Tight at Circle

Listen up, because Circle's founders, Jeremy Allaire and Sean Neville, aren't letting go of the wheel. They're holding onto Class B stock with a vice grip, each share packing five votes. That means they'll keep calling the shots, even as the share pool grows. But don't worry, Circle won't be playing by "controlled company" rules on the NYSE. They're sticking to the full monty of public company governance and transparency.

Unlike those wild west initial coin offerings, IPOs mean Circle's got to bare it all with financial audits. This isn't their first rodeo; they kicked things off back in April with an S1 filing, laying all their cards on the table for investors to see.

Remember, Circle tried to go public once before in late 2022 but hit a wall. They were all set for a SPAC merger, but the SEC didn't sign off in time. But hey, second time's the charm, and Circle's back with a vengeance!