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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...

Circle wants to IPO, and its S1 filing details the staggering difference between the regulated, US-based stablecoin issuer and its offshore competitor, Tether. Despite their relatively similar sizes, the financials of the world’s two largest stablecoin issuers are miles apart. As of December 31, 2024, there were 137.4 billion circulating USDT and 43.9 billion circulating USDC. Despite USDC’s market capitalization being approximately one-third of USDT, their profitability diverges massively. Specifically, Tether reported a gross profit of  $13 billion that year , while Circle reported just $156 million in net income.  Specifically, Tether reported a gross profit of $13 billion that year, while Circle reported just $156 million in net income. In percentage terms, the market capitalization of USDT was just 213% bigger than USDC, yet its profit was roughly 8,000% bigger . It certainly begs the question of how Tether achieved its extraordinary gains. How come @circle h...

Crypto mining firm CleanSpark has been aggressively expanding its fleet of mining machines this year, despite mining profitability being far from its all-time highs. Despite a 44% decline in Bitcoin (BTC) mining profitability over the last year, some Bitcoin mining companies have continued to build and increase production, according to recent announcements. On June 1, American Bitcoin mining firm CleanSpark announced that it had purchased 12,500 brand-new Antminer S19 XP units for $40.5 million. The deal worked out at $23 per terahash per second (TH/s) which is lower than the average market price. Hot off the press! More miners have been purchased by $CLSK for lower than the current average market price. Approximately 12,500 Antminer S19 XP units were bought for $40.5 million - or $23 per terahash. The units have a power-efficiency rating of 21.5 joules per terahash… pic.twitter.com/TKRxhWXlzx — CleanSpark Inc. (@CleanSpark_Inc) June 1, 2023 The news comes as Bitcoin mini...