稳定币发行

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11亿美元IPO,Circle今夜上市,能否引爆稳定币新周期?
贝塔投资智库· 2025-06-05 03:51
Core Viewpoint - Circle Internet Group has successfully expanded its IPO to raise nearly $1.1 billion, indicating growing market recognition for stablecoin issuers [1][2] Group 1: IPO Details - Circle priced its IPO at $31 per share, selling 34 million shares, leading to a market capitalization of $6.9 billion, and a fully diluted valuation of approximately $8.1 billion [1] - The IPO is underwritten by major banks including JPMorgan, Citigroup, and Goldman Sachs, with shares expected to begin trading on the NYSE under the ticker CRCL [1] - The IPO coincides with ongoing legislative discussions in the U.S. Congress regarding the regulation of stablecoins, potentially enhancing their legitimacy [1] Group 2: Market Position and Demand - As of March 31, Circle's USDC stablecoin held about 29% of the market share, with a circulating supply of approximately $61 billion as of May 29 [2] - The IPO saw strong demand, with subscriptions exceeding available shares by 25 times, prompting an increase in the offering size from an initial plan of 24 million shares [2] - Notable investors include ARK Investment Management, which intends to purchase up to $150 million in shares, and BlackRock, which plans to acquire about 10% of the IPO [2] Group 3: Historical Context - Circle was valued at $7.7 billion after a funding round in 2022 and had previously aimed for a valuation of $9 billion through a merger with a SPAC, which was later abandoned [3]
稳定币巨头Circle(CRCL)今夜登陆纽交所!扩大筹资规模至11亿美元 定价31美元/股超预期
智通财经网· 2025-06-04 23:54
声明显示,Circle在此次IPO中出售了1480万股,而出售股份的股东减持了1920万股。知情人士透露, 此次扩大规模的交易引发强烈需求,截至周二订单截止时,认购量超过可供股份数量的25倍。 Circle早先提交的文件显示,其IPO目标于周一上调至3200万股,定价区间为27至28美元/股,高于最初 计划的2400万股(24至26美元/股)。 文件显示,凯西·伍德(Cathie Wood)创立的科技聚焦型投资公司ARK Investment Management有意在Circle 的IPO中购买至多1.5亿美元的股份。知情人士称,贝莱德计划收购此次IPO约10%的股份。 数据显示,贝莱德代表Circle管理一只政府货币市场基金,该基金持有USDC稳定币90%的储备资产。 Circle官网数据显示,截至5月29日,Circle储备基金规模达533亿美元。 智通财经APP获悉,Circle Internet Group(CRCL.US)及其部分股东于美东时间周三扩大其首次公开募股 (IPO)规模,募资近11亿美元,且定价高于此前市场预期区间,标志着稳定币发行商正获得更广泛的市 场认可。根据一份声明,该公司及其联 ...
稳定币第一股Circle上市在即!投资价值全解析
Di Yi Cai Jing· 2025-06-04 13:05
Core Viewpoint - The emergence of stablecoins, particularly USDC, is poised to reshape the cryptocurrency landscape and potentially the global monetary system [1][9]. Group 1: Circle's IPO and Market Position - Circle, the issuer of USDC, plans to go public on the New York Stock Exchange, with a target date around June 5 or 6, aiming to raise up to $896 million by issuing 32 million shares priced between $27 and $28 each [2][4]. - The company has seen significant growth, with USDC's circulation increasing from $42.5 billion at the end of 2021 to over $61 billion, marking a 40% growth in the past year, compared to USDT's 10% growth [2][5]. - Circle's business model primarily relies on earning interest from the reserves backing USDC, which are held in safe short-term assets [5]. Group 2: Competitive Landscape - USDC's compliance and transparency give it a competitive edge over USDT, which has faced criticism for its lack of transparency regarding reserve assets [6][7]. - Despite USDC's advantages, its market share has decreased from 35% in early 2022 to below 20%, while USDT's share exceeds 70%, attributed to USDC's strict compliance measures [8]. Group 3: Implications for the Cryptocurrency Market - The introduction of compliant stablecoins like USDC is expected to bridge traditional finance and cryptocurrency markets, lowering the cost for traditional funds to enter the crypto space [9][10]. - The rise of stablecoins may transform cross-border payment systems by allowing transactions to occur outside traditional banking frameworks, enhancing efficiency and reducing costs [10]. Group 4: Future Developments - The Hong Kong government is moving towards issuing a Hong Kong dollar stablecoin, with companies like JD.com preparing to enter the stablecoin market, indicating a growing trend in stablecoin adoption [11].
当稳定币走上风口,“稳定币第一股”周四要IPO了
Hua Er Jie Jian Wen· 2025-06-03 11:21
Core Viewpoint - Circle Internet Group, the issuer of the $60 billion USDC stablecoin, is set to go public on the NYSE, with an expected valuation increase from $5.65 billion to $7.2 billion, amid significant interest from Wall Street [1][2]. Group 1: IPO Details - Circle plans to issue 32 million Class A shares at a price range of $27 to $28, aiming to raise up to $896 million [1]. - The IPO is seen as timely, with stablecoins gaining traction as a digital dollar alternative, especially in the context of increasing skepticism towards central bank digital currencies (CBDCs) [15][16]. Group 2: Market Position and Financials - Circle's USDC holds a 25% market share in the stablecoin market, with a total market cap of $248 billion, second only to Tether's USDT [3]. - The company generated approximately $1.6 billion in interest income in 2024, accounting for 99% of its total revenue, despite a decline in net profit from $268 million to $156 million, a drop of 42% [5][6]. Group 3: Business Model and Challenges - Circle's business model involves issuing USDC pegged to the dollar and investing user deposits in short-term U.S. Treasury bonds, which has proven profitable [5]. - However, the company faces structural challenges, including rising distribution and transaction costs, primarily due to its profit-sharing agreement with Coinbase [8][9]. Group 4: Competitive Landscape - The stablecoin market is expected to grow significantly, with projections estimating it could reach $1.4 trillion by 2030, increasing competition from tech giants and banks [14]. - Circle's reliance on interest rates for revenue poses risks, as lower rates could diminish profitability, while competitors may undercut prices to gain market share [13][14]. Group 5: Shareholder Dynamics - Existing shareholders are selling 60% of the total shares in the IPO, a significantly higher percentage than typical tech IPOs, which may send mixed signals to the market [18][20]. - The CEO and several venture capital firms plan to sell portions of their stakes, indicating a potential shift in shareholder confidence [18].
美国IPO一周回顾及前瞻:上周有5家企业IPO,5家企业递交申请(含SPAC)
Sou Hu Cai Jing· 2025-06-03 10:16
Group 1 - Last week, there was one IPO and four SPACs that debuted in the U.S. market [1] - Pitanium (PTNM), a Hong Kong-based beauty products retailer, priced its IPO at the lower end of the range, raising $7 million with a market cap of $91 million [1][2] - Kochav Defense Acquisition (KCHVU) raised $220 million, targeting the defense and aerospace sectors [1][2] - Jena Acquisition II (JENA.U) raised $200 million, led by SPAC veterans Bill Foley and Richard Massey [1][2] - ChampionsGate Acquisition (CHPGU) raised $65 million, led by SPAC veteran Bala Padmakumar [1][2] - Wintergreen Acquisition (WTGUU) raised $50 million, focusing on the TMT industry in Asia [1][2] Group 2 - Magnitude International (MAGH), a Singapore-based electrical installation service provider, filed for an IPO seeking $10 million with a market cap of $15.8 million [2][3] - Four SPACs submitted initial filings last week, including Pioneer Acquisition I (PACHU) seeking $220 million targeting healthcare [3][4] - Crown Reserve Acquisition (CRACU) filed for $150 million, targeting the healthcare sector [3][4] - FG Merger III (FGTHU.RC) filed for $150 million, focusing on North American financial services [3][4] - Quantumsphere Acquisition (QUMSU) filed for $60 million, targeting businesses with growth potential [3][4] Group 3 - This week, two large IPOs are expected to price, including Circle Internet Group (CRCL) aiming to raise $600 million with a market cap of $6.2 billion [5][7] - Circle is the issuer of the USDC stablecoin, which holds nearly one-third of the market share [5][7] - Omada Health (OMDA) plans to raise $150 million with a market cap of $1.2 billion, focusing on digital health tools for chronic conditions [6][7] - Omada has shown growth and retention but faces potential threats from the rising popularity of GLP-1 therapies [6]