Circle, the firm behind the USDC stablecoin, has once again raised the bar for its initial public offering, now targeting a massive $1.05 billion debut. The company plans to sell 34 million shares at $31 each when it launches on the New York Stock Exchange on June 5—well above its previously marketed price range.

Initially proposing 24 million shares at $24–$26, then revising to 32 million shares at $27–$28, Circle’s third price bump reflects growing investor interest. The company has also granted underwriters a 30-day option to buy an extra 5.1 million shares.

With over 220 million outstanding shares, Circle is now valued at approximately $6.9 billion. Despite the windfall, the firm stated it won’t be paying dividends, opting instead to reinvest in growth, product development, and acquisitions.

BlackRock, one of the world’s largest asset managers, is reportedly planning to acquire at least 10% of Circle's shares once they go public.

Previously, Circle projected $319 million in net proceeds based on its lower pricing. Of that, $111 million is earmarked for tax-related obligations, with the remainder aimed at expansion and strategic investments.

This marks Circle’s third attempt at going public. Its first IPO filing in April 2024 was halted after Trump’s tariff news disrupted global markets. A 2021 SPAC merger deal also fell through.

Circle’s bold move follows a growing trend in the crypto sector. Trading platform eToro recently expanded its IPO to $620 million, and Kraken and BitGo are also eyeing public listings. Since Coinbase paved the way with its 2021 Nasdaq debut, more crypto firms are betting big on Wall Street.