Let a portion of truly high-quality "crypto stocks" enter the mainstream capital market in the United States first.

Written by: Golem

The compliance stablecoin giant Circle may become the first beneficiary after the passage of the U.S. stablecoin bill, the "GENIUS Act."

On May 27, Circle disclosed the latest progress of its NYSE IPO application, stating that it will issue 24 million Class A shares, of which 9.6 million shares will be issued by the company and 14.4 million shares will come from existing shareholders. The expected pricing range is between $24 and $26 per share, allowing Circle to raise nearly $250 million, while the selling shareholders may receive nearly $375 million for their shares.

Circle disclosed a target valuation of $6.71 billion, higher than the previous estimated range of $4-5 billion. Although Circle's IPO progress remains smooth, the final outcome is still not guaranteed, as Circle will continue to undergo inquiries from the U.S. SEC in the next 3-5 months. Meanwhile, the recognition of crypto in the mainstream U.S. capital market is rising, but there are companies on the verge of delisting that are "reverse merging" to boost their stock prices. The mainstream capital market urgently needs more truly high-quality "crypto stocks"…

A 7-Year Journey to IPO

Looking back, Circle's path to going public resembles a grand fantasy novel, with the protagonist enduring seven years of hardships and finally achieving ascension.

The Idea of an IPO Emerges, Meets Bear Market Waterloo

Circle's idea for an IPO first emerged in 2018 when it launched the stablecoin USDC and acquired the crypto exchange Poloniex. In the same year, Circle secured $110 million in funding from institutions like Bitmain, IDG Capital, and Breyer Capital, reaching a valuation of $3 billion.

However, the sudden bear market in 2019 caught everyone off guard, causing Circle's valuation to plummet by 75% to $750 million, and it was forced to sell Poloniex to Justin Sun. In this crisis, Circle's IPO plans naturally fell through.

Going Public via SPAC Merger, Hit Hard by Regulatory Iron Fist

Fast forward to 2021, after two years of compliance exploration and business development, USDC had become the second most influential stablecoin product in the market after USDT, and Circle's IPO plans finally came to light. On July 8, 2021, Circle announced it would go public through a SPAC (Special Purpose Acquisition Company) called Concord Acquisition Corp, with the ticker "CRCL," and a valuation of $4.5 billion. Although the crypto market was recovering at this time, regulatory hostility towards crypto had not dissipated, and Circle sought to avoid traditional IPO scrutiny through a reverse merger.

However, Circle's IPO plans once again fell through. In July 2021, Circle publicly stated that it received a subpoena from the U.S. SEC enforcement division, requiring Circle to prove that USDC is not a security. After a series of lengthy regulatory disputes and transaction delays, Circle announced the termination of its SPAC merger plans in December 2022.

Nevertheless, this failure and the SEC's ongoing "regulatory iron fist" did not deter Circle. CEO Jeremy Allaire stated after the plan's failure that "Circle remains committed to becoming a publicly traded company in the long term." In June 2023, Circle once again hired corporate legal advisors to "assist with the potential listing process."

Continuously Submitting IPO Applications, Persisting for Years to See the Dawn

At the beginning of 2024, perhaps having learned from the second failure, Circle chose a more traditional route and secretly submitted an IPO application in January of the same year, without disclosing the number of shares to be sold or the proposed price range for the new IPO. Circle's IPO application was extremely low-key; after being reported by the media, the company consistently refused to comment on any contact with the SEC or other regulatory bodies, instead focusing on enhancing personnel allocation and stabilizing financial conditions to improve the chances of IPO approval.

After a long wait, on April 2, 2025, Circle submitted its S-1 filing to the U.S. SEC again, intending to list on the NYSE under the ticker "CRCL," although the IPO pricing range had not yet been announced. According to subsequent market news, Circle was still delaying the IPO. On May 20, Circle stated it was still advancing its IPO plans, targeting a valuation of at least $5 billion, and had already rejected acquisition offers from Coinbase and Ripple.

Finally, on May 28, 2025, Circle updated its IPO listing details, stating it would issue 24 million Class A shares, with 9.6 million shares issued by the company and 14.4 million shares from existing shareholders, with an expected pricing range of $24 to $26 per share. According to Reuters, Circle's target valuation is $6.71 billion.

Although this update did not specify a concrete IPO listing date, Cathie Wood's ARK Investment has already expressed interest in purchasing $150 million worth of Circle's stock in the IPO.

Does this update indicate that Circle's listing is a done deal?

Over the years, Circle has made many compliance efforts to fulfill its wish to go public, such as establishing a more transparent auditing mechanism, obtaining a virtual currency business license (BitLicense) in New York, issuing the euro stablecoin EUROC in compliance with MiCA requirements, and more. So, is the result of this IPO application already a certainty?

Although Circle has officially submitted its IPO application, there are still several necessary processes before it can officially trade on the NYSE:

SEC Review and Effectiveness of Registration Statement

Submitting an application does not mean it is effective. Circle also pointed out in its latest Form S-1 that "the issuance is subject to market conditions and there is no guarantee of when or if the issuance will be completed." Additionally, before listing, the SEC must inquire about its registration statement (Comment Letter) and confirm there are no significant objections, after which the registration statement can become "effective." Inquiries typically go through one to two rounds and can take 3 to 5 months to complete.

Roadshow Pricing and Over-Allotment Option

After SEC approval, Circle's underwriting syndicate (including JPMorgan, Citigroup, Goldman Sachs, etc.) will conduct a short-term roadshow to gather institutional investor demand and determine the final offering price. Circle has also granted underwriters the option to over-allot up to 3.6 million shares within 30 days.

Official Trading

Only on the day after the pricing is completed (usually one trading day after the pricing date) will CRCL shares begin trading on the NYSE. At this point, Circle's IPO will be considered truly realized.

In summary, submitting an IPO application is merely a "stepping stone." As of now, Circle's IPO success cannot be deemed a certainty. However, in terms of market and regulatory environment, as long as the Federal Reserve's policies remain stable, regulatory attitudes towards the crypto industry remain friendly, and there are no significant market fluctuations or black swan events during the SEC's inquiry period in the coming weeks, Circle's chances of a successful listing could exceed 80%.

The Mainstream Capital Market Urgently Needs True "Crypto Stocks"

If Circle's NYSE listing ultimately succeeds, it will be a milestone for the entire crypto market and will deepen the mainstream asset market's affirmation of the crypto industry.

If Circle successfully goes public, it will also encourage other crypto companies to actively pursue IPO applications. Several crypto companies have previously expressed hopes to go public:

• Kraken: Since Coinbase's successful listing in 2021, Kraken has been eager to follow suit but has faced multiple failures. According to Bloomberg, it is actively preparing for an IPO in the first quarter of 2026;

• Gemini: The crypto exchange Gemini hinted at an IPO as early as 2021, and there are even rumors that it has secretly submitted an IPO application and is working with Goldman Sachs and Citigroup to advance, potentially listing as early as 2025;

• Bullish: The crypto exchange Bullish also intended to go public via SPAC in 2021, but the plan was ultimately shelved.

• BitGo: The U.S. crypto custody company BitGo is also considering an IPO as early as the second half of 2025.

• ……

With the passage of the stablecoin bill and the Trump Group continuously releasing positive signals for the crypto market, the mainstream capital market is also being incentivized to invest in the crypto industry. "The U.S. stock market is willing to pay more than $2 for a $1 crypto asset," and the madness exhibited by the mainstream capital market towards the crypto industry is gradually becoming apparent. However, it is undeniable that the types of crypto assets that investors encounter in the mainstream U.S. capital market are still limited, so they can only invest in some stocks related to crypto, such as companies actively building crypto reserves.

However, this also provides an opportunity for junk U.S. stocks on the verge of delisting, as they buy and hold a small amount of crypto assets to boost their stock prices and improve their valuations (related reading: Bloomberg's chief financial writer: The underlying logic of U.S. listed companies crazily buying cryptocurrencies). But the fundamentals of these companies have not changed; there is only one Strategy. When this trick is ultimately uncovered by the mainstream capital market, the real crypto industry may also suffer.

It is urgent to let more truly high-quality "crypto stocks" enter the mainstream capital market in the United States.

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