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Highlights
- The Circle IPO could trade above the market provide after the USDC issuer received orders which were 25 times more than the available shares.
- The IPO is expected to price this evening.
- BitMEX cofounder Arthur Hayes declared that the oversubscription is good for crypto.
The Circle IPO has generated a lot of interest from investors in the traditional finance (TradFi) space, with the public offering reportedly 25 times oversubscribed. Based on this, there are reports that the IPO could price above the marketed range, surpassing the USDC issuer’s $7.2 billion valuation.
Circle IPO To Trade Above Market Price
According to a Bloomberg report, the initial public offering is likely to price above the marketed range, after the USDC issuer received orders 25 times more than the number of shares it was offering in its upsized deal.
As CoinGape reported, Circle increased the IPO price from between $24 and $26 per share to between $27 and $28 per share, with the intent to raise $896 million at a $7.2 billion valuation. The company also increased the number of Class A common stock shares it was offering from 24 million to 32 million.
The Bloomberg report also revealed that the Circle IPO could price on the evening of June 4, New York time. The allocation of shares is allegedly focused on investors who have a long-term investment strategy. Meanwhile, deliberations are reportedly still ongoing, and the USDC issuer may still price the IPO within the range.
As CoinGape reported, Cathie Wood’s Ark Invest has shown its intention to purchase up to $150 million worth of the Class A common stock. BlackRock is also reportedly considering purchasing up to 10% of the IPO shares.
In an X post, BitMEX founder Arthur Hayes commented on the recent developments regarding the Circle IPO. He said,
As much as I hate on Circle, it’s great for all our bags if TradFi is buying what we are selling.
The IPO comes at a time when demand for stablecoins is heating up, with the US Congress also in the process of providing a regulatory framework for stablecoins through the ‘GENIUS Act.’ As CoinGape reported, the amendment process for the stablecoin bill has progressed with over 60 proposals, and the Senate could as early as this week vote on the bill.
Circle’s USDC is currently the second-largest stablecoin by market cap, only behind Tether’s USDT. CoinMarketCap data shows that USDC boasts a market cap of $61.4 billion.
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