Circle, the global fintech firm and the issuer of USDC, has filed its S-1. The company looks to raise an estimated $896 million in its highly anticipated upcoming IPO on the New York Stock Exchange. This offering is poised to be one of the largest fintech IPOs of 2025 thus far, serving as a barometer of investor appetite for digital assets, blockchain technology, and IPOs generally in the current market environment.
The S-1 filing provided crucial insights into the company's financials, market position, and, notably, the significant equity stakes held by its key shareholders. Here's a breakdown of what Circle's executives and major investors stand to own if the company goes public at its projected $7.2 billion valuation.
Circle’s Executives + Directors
Jeremy Allaire, Circle's Co-founder, Chairman, and CEO, is positioned to be one of the biggest beneficiaries among the company's founders and employees. Allaire has been instrumental in guiding Circle's growth over its twelve year history, building it into a leader in digital currency and blockchain payments. If the IPO prices at $28 per share, the top of its range, his equity stake is estimated to be worth over $564 million.
In addition to Jeremy Allaire, co-founder Sean Neville and other key executives like Nikhil Chandhok, Chief Product & Technology Officer, have also played pivotal roles in steering Circle towards this public offering. According to the S-1, these executives hold substantial equity, with their stakes estimated to be worth $167 million and $54 million respectively.
Circle’s Biggest Investors
The S-1 filing highlights several prominent investors who own substantial stakes in Circle's IPO. Key institutional investors include Accel, Breyer, General Catalyst, IDG Capital, Oak Investment Partners, and Fidelity Management & Research Company.
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Source: Circle's S-1 as of June 2, 2025. Based on Class A and Class B common stock as of March 31, 2025.
Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions are or will become successful investments. There are inherent risks in preIPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and returns. Investors must be able to afford the loss of their entire investment.
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