据报道，稳定币发行人Circle美国IPO股票获得超过20倍超额认购。(第一财经) ...

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].

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]