Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Circle Internet Group / Equity Capital Markets

<ul>
<li>Circle raised both the IPO shares to be issued and IPO price range. New IPO price range is $27 to $28 per share (from $24 to $26 per share previously).</li>
<li>We have a Positive View of the Circle due to its status as the second largest issuer of stablecoins globally, rapidly increasing user base and sales, and improving profit margins. </li>
<li>Major risk factors of this IPO include CBDCs, centralization, cyberattacks, and potential government crackdown. </li>
</ul>


Circle raised both the IPO shares to be issued and IPO price range. New IPO price range is $27 to $28 per share (from $24 to $26 per share previously).
We have a Positive View of the Circle due to its status as the second largest issuer of stablecoins globally, rapidly increasing user base and sales, and improving profit margins. 
Major risk factors of this IPO include CBDCs, centralization, cyberattacks, and potential government crackdown. 


Circle IPO Analysis (Second Largest Issuer of Stablecoins Globally)

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

<ul>
<li>Circle Internet locked down a pair of anchor orders ahead of next week's IPO which is already oversubscribed.</li>
<li>Circle posted $122m of adjusted Ebitda in Q12025 while growing revenue by 58% to $579m. </li>
<li>The combination of anchor orders, an attractive valuation, growing metrics and a tailwind from the Trump administration all tilt the risk-reward profile in a positive direction.</li>
</ul>


Circle Internet locked down a pair of anchor orders ahead of next week's IPO which is already oversubscribed.
Circle posted $122m of adjusted Ebitda in Q12025 while growing revenue by 58% to $579m. 
The combination of anchor orders, an attractive valuation, growing metrics and a tailwind from the Trump administration all tilt the risk-reward profile in a positive direction.


Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO

<ul>
<li>Circle will be offering 24 million shares at a $24-$26 range equating to a 5.2b-5.65b valuation.</li>
<li>The company is a stable coin powerhouse with more than $25 trillion in transacted volume since founding. </li>
<li>The deal has a potential "floor" with companies reportedly interested in acquiring Circle Internet. </li>
</ul>


Circle will be offering 24 million shares at a $24-$26 range equating to a 5.2b-5.65b valuation.
The company is a stable coin powerhouse with more than $25 trillion in transacted volume since founding. 
The deal has a potential "floor" with companies reportedly interested in acquiring Circle Internet. 


Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO

<ul>
<li>Circle Internet Group believes the global financial system can be rebuilt on the principles of the internet.</li>
<li>Circle has minted more than $504.3 billion of USDC and redeemed more than $464.4 billion of USDC from January 1, 2021 to December 31, 2024.</li>
<li>Their 2024 revenue, net income, and Adjusted EBITDA is $1.7 billion, $156 million, and $285 million, respectively. </li>
</ul>


Circle Internet Group believes the global financial system can be rebuilt on the principles of the internet.
Circle has minted more than $504.3 billion of USDC and redeemed more than $464.4 billion of USDC from January 1, 2021 to December 31, 2024.
Their 2024 revenue, net income, and Adjusted EBITDA is $1.7 billion, $156 million, and $285 million, respectively. 


Circle Internet Group (CRCL): Peeking at the IPO Prospectus of Stablecoin Powerhouse Company

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.</li>
<li>Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.</li>
<li>I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.</li>
</ul>


MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.
Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.
I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.


MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

United States

Circle Internet Group, Inc. provides financial technology solutions. The Company provides a digital asset platform and network utility systems that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications. Circle Internet Group serves customers worldwide.

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Circle Internet Group (CRCL US)

Circle IPO Analysis (Second Largest Issuer of Stablecoins Globally)

If we use a 30x P/E multiple on Circle's estimated net profit of $350 million in 2026, this would suggest implied valuation of $10.5 billion which...

Douglas Kim

Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO

Circle Internet secures anchor orders and strong financials ahead of oversubscribed IPO, with positive outlook due to growing metrics and...

IPO Boutique

Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO

Circle, a stable coin powerhouse, plans to offer 24 million shares at $24-$26 each, valuing the company at $5.2b-$5.65b, with potential...

IPO Boutique

Circle Internet Group (CRCL): Peeking at the IPO Prospectus of Stablecoin Powerhouse Company

Circle Internet Group is revolutionizing the global financial system with over $500 billion in USDC minted and redeemed, boasting impressive...

IPO Boutique

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

MNTN, inc., an adtech software platform provider and category creator of Performance TV, plans to go public in the United States. The company was...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Circle IPO Analysis (Second Largest Issuer of Stablecoins Globally)

If we use a 30x P/E multiple on Circle's estimated net profit of $350 million in 2026, this would suggest implied valuation of $10.5 billion which...

Douglas Kim

Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO

​Circle Internet secures anchor orders and strong financials ahead of oversubscribed IPO, with positive outlook due to growing metrics and...

IPO Boutique

Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO

​Circle, a stable coin powerhouse, plans to offer 24 million shares at $24-$26 each, valuing the company at $5.2b-$5.65b, with potential...

IPO Boutique

Circle Internet Group (CRCL): Peeking at the IPO Prospectus of Stablecoin Powerhouse Company

​Circle Internet Group is revolutionizing the global financial system with over $500 billion in USDC minted and redeemed, boasting impressive...

IPO Boutique

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

MNTN, inc., an adtech software platform provider and category creator of Performance TV, plans to go public in the United States. The company was...

Andrei Zakharov

Circle Internet secures anchor orders and strong financials ahead of oversubscribed IPO, with positive outlook due to growing metrics and...

Circle, a stable coin powerhouse, plans to offer 24 million shares at $24-$26 each, valuing the company at $5.2b-$5.65b, with potential...

Circle Internet Group is revolutionizing the global financial system with over $500 billion in USDC minted and redeemed, boasting impressive...