The upsized initial public offering (IPO) of stablecoin issuer Circle Internet Group will likely exceed the advertised range, with orders reportedly garnering more than 25 times the number of shares available, according to a Bloomberg report citing anonymous sources.

A Reuters report, meanwhile, stated that Circle had priced the IPO at $31 per share, enabling it to raise $1.05 billion from the sale of 34 million shares. This places Circle’s valuation at approximately $8 billion on a fully diluted basis. Initially, the IPO had been marketed in a range of $27 to $28 per share, but significant demand prompted Circle to upsize it more than once.

The anonymous sources revealed that the allocation of shares will be tilted toward investors looking to hold the stock for the long term. Asset management giant Blackrock, one of the prominent investment companies backing the IPO, reportedly plans to buy 10% of the IPO shares. Cathie Wood’s ARK Investment Management plans to purchase shares worth $150 million.

Seen as one of the biggest crypto listings since Coinbase’s 2021 debut, the stablecoin issuer’s IPO and subsequent listing on the New York Stock Exchange highlight the dramatic change in fortunes for the crypto industry, which struggled under the previous administration. Since Donald Trump’s inauguration, the new administration has not wasted time in fulfilling the president’s campaign promises to end the government’s hostility toward the crypto industry.

Some observers believe Circle’s listing is a welcome boost for the IPO market, which has been affected by uncertainty stemming from Trump’s trade wars. Samuel Kerr, head of equity capital markets at Mergermarket, said, “The huge demand for Circle’s IPO is a boon for both the IPO market and cryptocurrency-linked listings.”

Kerr, however, believes institutional interest in digital asset-based companies will be restricted to stablecoins or less volatile projects, such as infrastructure providers.

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