ANALYSIS: Does the Circle IPO value Tether at $316B?
Stablecoin issuer Circle will finalize pricing for its IPO shares one hour after the 4pm close of regular trading on the New York Stock Exchange (NYSE) today. That price will provide a formal benchmark with which to value the world’s largest stablecoin issuer, Tether. Already boosted 10% due to investor interest over the weekend and reportedly 25 times oversubscribed as of this morning, shares of Circle will trade under ticker symbol CRCL. Based on early morning estimates, shares will price at least $27-28 apiece at a valuation in excess of $7.2 billion. That estimated range could increase substantially at today’s 5pm pricing. Early access to the IPO is skewing toward Main Street investors, with retail-focused brokerages Robinhood and Webull offering IPO Access. IPO Access allows traders to request shares of a new public company at the IPO price before it lists to the general public on the NYSE. IPO Access allocates brokerages’ limited number of IPO shares base...