Circle’s Blockbuster IPO Oversubscribed 25x

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 7 June 2025

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

Circle’s IPO blew past expectations, pricing high and oversubscribed 25x, signaling Wall Street’s growing appetite for stablecoin exposure. NLW breaks down the offering’s details, why fintech insiders think Circle is still undervalued, and what this means for future crypto IPOs. Plus, JPMorgan embraces crypto ETFs, Bitcoin treasuries surge, and Congress continues its political theater over the Clarity Act. Brought to you by: Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. To learn more, visit ⁠⁠⁠⁠Grayscale.com⁠⁠⁠⁠ -- ⁠⁠⁠⁠https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)⁠⁠⁠ Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Thursday, June 5th, and today we are talking about Circle's blockbuster IPO.
0:25.1	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation.
0:32.1	Come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:37.7	All right, friends. Well, the big event happened. Circle is now a public company.
0:43.5	Indeed, they had to upsize their IPO once again as Wall Street crammed into what
0:47.8	appeared to them to be a big, juicy, stable coin bet. The final price for the share offering came
0:52.3	in at $31 late on Wednesday, another big bump from
0:55.5	the 27 to 28 marketed range reported earlier in the week, and an even more significant increase from
1:00.6	the initial $24 to $26 range that they had gone out with before that. Circle also increased the number
1:06.1	of shares on offer from $32 to $34 million, both of which were a huge expansion from the 24 million shares from
1:11.9	the original IPO plan. In addition, Circle has granted the investment bank underwriters the
1:16.6	option to sell another 5.1 million shares over the next month if demand outstrips supply once
1:21.3	trading is live. Bloomberg reported that the Roadshow was 25 times oversubscribed.
1:29.5	All told Circle set themselves up to take in over a billion dollars from the IPO, with a market value of 6.9 billion and a fully diluted
1:34.2	valuation of $8.1 billion. Most of the stock was sourced from founders and original shareholders
1:39.0	rather than fresh issuance, so this is a huge payday and a big exit for the team and early
1:43.3	investors. The offering, when all was
1:45.7	said and done, also wasn't too far off the $9 billion SPAC deal that fell apart in 2022.
1:52.1	Now, trading is set to begin today after I record, so we'll discuss the first day performance on
1:56.0	the Friday show. More broadly, the runaway success of Circles Wall Street Road Show demonstrates to many that the
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