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 offering values the stablecoin issuer at about $5.65 billion at the top end of the range, according to calculations by Bloomberg — a significant cut from previous valuations.  Circle was valued at $7.7 billion after a funding round in 2022, according to data provider PitchBook and a failed merger with a blank-check company in the same year would have valued it at $9 billion.

Deals involving crypto firms and publicly traded companies have increased since Donald Trump’s election in November, as the President’s ties to the sector signaled the lifting of some degree of regulatory uncertainty. In April, the SEC declared that stablecoins generally aren’t securities.

Circle is filing to go public just as stablecoin legislation is making progress in Congress, which if passed could lead to a growth in institutional investment in stablecoins. Circle warns investors in its filing that, in addition to the risks of operating and competing in a new, rapidly developing industry, a lack of federal regulation might lead to its stablecoins being classified as securities, which could materially affect its business.

Circle, started in 2013, has emerged as the biggest competitor to the world’s largest stablecoin, Tether. For years, Circle has differentiated itself by saying it’s more regulated than Tether and offers greater transparency into its reserves.

Stablecoins are cryptocurrencies pegged to another asset, typically the US dollar. There was $60 billion of Circle’s dollar-backed USDC stablecoin in circulation as of March 28, the filing shows.

Listing Turbulence

The company also experienced turbulence in 2023, when Silicon Valley Bank, where Circle deposited some of its reserves, collapsed. Ultimately, Circle got its deposits back, but its market capitalization — the total value of its currency in circulation — took months to recover from the crisis.

The company’s largest shareholders include entities affiliated with Accel, Breyer Capital, General Catalyst, IDG Capital, Oak Investment Partners and FMR, according to the filing. ARK Investment Management said it is interested in buying up to $150 million of shares in the IPO, according to the filing.

Read More: Wall Street Banks Explore Issuing Joint Stablecoin, WSJ Reports

Circle Internet reported net income of $156 million on revenue of $1.68 billion in 2024, compared with net income of $268 million on $1.45 billion in revenue the previous year, according to the filing.

The IPO is being led by JPMorgan Chase & Co., Citigroup Inc. and Goldman Sachs & Co.. The deal is set to price on June 4, according documents seen by Bloomberg News. The company is expected to trade on the New York Stock Exchange under the symbol CRCL.

–By Monique Mulima and David Morris (Bloomberg)