PHOTO
Bitcoins created by enthusiast Mike Caldwell are seen in a photo illustration at his office in Sandy, Utah, September 17, 2013. Technology underlying crypto-currencies, financial technologies are beneficial to banking sector, UAE central bank governor said.
Circle Internet on Wednesday priced its upsized U.S. initial public offering at $31 apiece raising $1.05 billion, adding fresh momentum to a growing pipeline of late-stage cryptocurrency firms eyeing public markets.
Circle and its shareholders sold 34 million shares at $31 apiece, valuing the company, which issues the USDC stablecoin, at roughly $8 billion on a fully diluted basis. The IPO had been marketed in a range of $27 to $28 per share.
The company's flotation would be one of the biggest of the year after the Trump administration's trade policies rattled markets and pushed firms planning to go public to adopt a wait-and-see approach.
However, market debuts of companies such as Israeli fintech eToro have offered some respite to investors tracking fresh public offerings.
(Reporting by Pritam Biswas and Manya Saini in Bengaluru; Editing by Shounak Dasgupta)
