Circle has been making some serious moves recently.
Circle after the IPO, stepped out of the crypto circle and caught TradFi’s attention – retail users, traders, and institutions.
If you have seen the buzz around the Circle IPO and you’re wondering what it actually means or what the hype is all about.
Don’t worry, we got you.
Let’s break it down real quick.
So…what is an IPO?
IPO stands for Initial Public Offering.
It basically means a company decides to go public and let everyday investors buy shares for the first time on the stock market. It also means that they are putting their books out to show everyone.
Why does Circle going public matter?
Circle isn’t just some random startup.
They’re the folks behind USDC.
The second-largest stablecoin in crypto, with over US$60.2 billion supply making up just shy of 25% of the total supply.
It has been an essential part of how money moves across blockchains today.
This IPO gives Circle a huge opportunity to:
- Raise capital from traditional investors
- Boost transparency (hello, quarterly reports and SEC filings)
- Build trust with regulators and institutions
Wall Street is watching.
What happened after the IPO (After June 5th)?
Alright, so Circle is live on the NYSE… now what?
Just two days after it hit the NYSE, Circle nearly quadrupled in price.
Yup, 4x.
That’s the power of narrative.
In the short-term, even traditional markets get swept up in momentum and hype.
But the big question is: Will it last?
Circle Financial Model and Estimates
The current valuation looks extremely expensive.
EV/EBITDA = 70.1x, very high vs traditional finance/infra benchmarks (~10-20x)
EV/Net Income = 90.1x, which is priced like a high-growth tech stock
Market pricing is extremely aggressive and at current prices, I will probably sit out and wait for the price to normalize.
So… Where Does the Price Go From Here?
That’s the million-dollar question.
Does Circle trade like a growth tech stock?
A fintech company?
Or a crypto proxy play?
Right now, the market is figuring out what Circle is truly worth.
Maybe the IPO is just the beginning of a much bigger narrative around stablecoins becoming financial infrastructure.
Or maybe we’ll see some cooling off before it finds its footing.
Either way, I am curious to see where the price eventually settles.
How you can support us
In addition, do check out our other latest articles. If you are keen, check out our articles on other analysis: Coinbase Joins the S&P 500: What does this means for Crypto and Why is bitcoin > 110K and is this sustainable?