Circle, the company behind the worlds second-largest stablecoin (USDC) is reportedly targeting a valuation of $5.65 billion in a US-based initial public offering (IPO).

According to Reuters, Circle will be issuing around 9.6 million shares, while some of its shareholders are looking to offload around 14.4 million shares, priced between $24 and $26 each, in a bid to raise $624 million.

Once the listing completes, Circle will be trading on the New York Stock Exchange (NYSE) carrying the CRCL ticker.

Circles Upcoming IPO

As CryptoPotato reported previously, the company filed for an IPO with the US Securities and Exchange Commission (SEC) back in April. Operating the worlds second-largest stablecoin by means of total market capitalization, Circle also posted impressive revenue reports.

The firm posted steadily increasing revenue (up 16% year over year) but decreasing EBITDA (earnings before interest, taxes, depreciation, and amortisation) and net income.

Back then, Circles CEO, Jeremy Allaire, said in a letter to investors:

“For Circle, becoming a publicly traded corporation on the NYSE is a continuation of our desire to operate with the greatest transparency and accountability possible,” said Allaire, who added:

“We are building what we believe to be critical infrastructure for the financial system, and we seek to work with leading companies and governments around the world in shaping and building this new internet financial system.”

At the time of this writing, there is no further information on the details of the initial public offering.