Stablecoin Issuer Circle, Holders Seek $624 Million in IPO (2)

Circle Internet Group Inc. and some of its backers are seeking to raise as much as $624 million in a long-awaited initial public offering, as crypto companies increasingly tap the public markets to raise funds.

The New York-based company behind the second-largest stablecoin and some of its shareholders are offering 24 million shares for $24 to $26 each, according to a filing with the US Securities and Exchange Commission on Tuesday.

Circle, led by Jeremy Allaire, has been chasing a public listing since at least 2021 when it announced a blank-check company merger that was later scrapped.

The potential ...