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Circle, the USDC issuer, is set to go public on the NYSE with a potential valuation of $6.7 billion.
Cantor Fitzgerald has launched a $2 billion Bitcoin lending program, marking a significant move in the crypto finance sector.
Metaplanet's Bitcoin premium has surged to $596,000 per coin, making it an attractive proxy stock for investors seeking Bitcoin exposure.
The cryptocurrency market witnessed notable developments today, with several key players announcing significant initiatives. Circle, the issuer of the USDC stablecoin, has filed for an initial public offering (IPO) on the New York Stock Exchange (NYSE), while Cantor Fitzgerald has launched a $2 billion Bitcoin lending program. Additionally, Metaplanet, a major Bitcoin holder, has seen its Bitcoin premium surge to substantial levels. These events highlight the evolving nature of the crypto finance sector and warrant closer examination.
Circle, the issuer of the USDC stablecoin, announced on May 27 that it has launched an initial public offering (IPO) of 24 million Class A common shares. The company will list on the New York Stock Exchange under the ticker symbol “CRCL.” Of the 24 million shares, Circle is offering 9.6 million, while existing shareholders will sell 14.4 million. The IPO also includes an option for underwriters to purchase an additional 3.6 million shares.
The offering price is expected to range between $24 and $26 per share. Based on this range, Circle could raise between $576 million and $624 million. According to Reuters, the company is targeting a $6.7 billion valuation on a fully diluted basis. Circle’s IPO features participation from top investment banks, including JPMorgan, Citigroup, and Goldman Sachs. European banks such as Barclays and Deutsche Bank are also involved.
In the IPO filing with the U.S. Securities and Exchange Commission (SEC), Circle stated it will not receive proceeds from the shares sold by existing stockholders. The company noted that investor interest, including from ARK Invest with a possible $150 million commitment, remains non-binding.
Cantor Fitzgerald has officially launched its $2 billion Bitcoin-based lending program. The first deals have already been made with a few firms, including FalconX and Maple Finance. FalconX borrowed money using Bitcoin as collateral, and Maple Finance has received the first installment of its loan through the platform.
This move is a part of Cantor’s efforts to expand in the crypto finance sector. The firm began advancing in crypto after announcing its program in 2024. In April 2025, Cantor joined forces with Tether, Bitfinex, and SoftBank to start Twenty One Capital, which focuses on Bitcoin. This included a $200 million SPAC and the acquisition of $459 million worth of Bitcoin.
Cantor also maintains a strong position in MicroStrategy, holding around $1.9 billion in shares. The firm's CEO has equated Bitcoin with commodities like oil and gold. This lending program signals a comeback in the crypto lending market, which suffered after the collapse of firms like Celsius and BlockFi in 2022.
Metaplanet, Japan’s largest Bitcoin treasury company, is currently worth so much that its valuation equals a price nearly $600,000 per Bitcoin. According to data from 10x Research this predicted average is 5.5 times more than the present market price of Bitcoin ($110,000).
The high price is due to investors who buy Bitcoin shares instead of the cryptocurrency itself. Yet, the report pointed out that investors might be led astray by these premiums and not consider the NAV carefully enough. Metaplanet holds 7,800 BTC, which is worth about $855 million, making it one of the largest corporations that owns bitcoins.
The company’s stock has surged as retail investors look for alternative exposure to Bitcoin. Retail participation in the spot market has declined since Bitcoin passed $45,000 in December 2023. Proxy stocks like Metaplanet are becoming more attractive despite their premium valuations.
10x Research also noted that MicroStrategy trades at a high premium as well. Each new share issuance by the company further increases its perceived Bitcoin yield while diluting the NAV per share.
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