What does Circle do and who's buying it at its IPO?
Circle Internet Group (CRCL) is making its debut on the New York Stock Exchange on Thursday, set to begin trading publicly via an IPO after raising $1.1 billion in an upsized share sale.
Morning Brief's Madison Mills breaks down what Circle does as a stablecoin issuer and the major investors that are intent on buying up shares.
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
What is Circle and who's buying it? We're taking a closer look at the stable coin issuer as it is set to begin trading. First, what is Circle? The crypto company issues stable coins, which are a type of cryptocurrency that seeks to maintain stability by basing its value on an external factor. Circle stable coin, USDC coin can be traded at a one-to-one ratio to US dollars. USDC coin is the second largest stable coin in the world. The IPO coming as stable coin regulation is in front of Congress. If passed, guard rails could help further legitimize the industry. And Circle's IPO is getting attention from some huge investors. Kathy Wood's Ark Investment Management expressing interest in buying as much as $150 million worth of shares. That's according to an SEC filing, and per Bloomberg, BlackRock plans to acquire about 10% of Circle's IPO shares. Circle raised more than $1 billion in its debut after offering roughly 34 million shares on Wednesday.
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