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Circle raises IPO target to $896M, boosting share price range to $27–$28 amid high demand.
DeFi hacks led to $302M in crypto losses in May, with $223M from a single Cetus Protocol exploit.
Polygon NFTs surpass $2B in sales, driven by rising user activity and a 242% spike in average price.
The cryptocurrency market has witnessed major developments lately, with Circle's IPO target surge and Polygon's NFT sales milestone grabbing headlines. Amidst growing investor demand, Circle has raised its initial public offering target to $896 million, while Polygon's NFT sales have surpassed the $2 billion mark.
Meanwhile, DeFi hacks have resulted in substantial losses, with $302 million lost in May 2025. This update highlights the dynamic nature of the crypto market, with emerging trends and regulatory developments shaping the industry's future.
Circle Raises IPO Target to $896 Million as Demand Surges
Circle, the company behind the USDC stablecoin, has raised its initial public offering (IPO) target to $896 million. According to a June 2 filing with the U.S. Securities and Exchange Commission (SEC), Circle now plans to issue up to 32 million shares at a price between $27 and $28. This represents a significant increase from its earlier plan of 24 million shares priced in the $24 to $26 range.
The revised offering follows Circle's announcement in late May that it would issue 9.6 million shares of Class A common stock. At the time, the firm suggested a valuation of nearly $6.7 billion. The new share range and higher total offering suggest growing investor interest in stablecoin-related equity amid an increasingly favorable U.S. regulatory climate.
Market observers have noted that BlackRock may take a 10% stake in the offering, signaling further institutional confidence in Circle’s role in the digital finance sector. However, due to the mandatory quiet period before IPOs, Circle declined to provide additional comments.
Blockchain security firm Certik reported that the crypto sector experienced $302 million in losses due to hacks and scams in May 2025. This marked a 16.9% drop compared to April. Code vulnerabilities were the leading cause, responsible for $229 million in losses. The bulk of that amount came from the $223 million exploit of Sui-based Cetus Protocol, which skewed the monthly data.
Nonetheless, Certik researcher Natalie Newson noted that vulnerabilities related to code have declined. Losses attributed to these flaws fell to $173 million in 2024, a significant drop from $1.35 billion in 2021. She emphasized the necessity for ongoing monitoring and advanced tools, such as AI-driven audits, to mitigate these risks.
Phishing scams have resulted in losses totaling $47.6 million, representing a notable decrease from the $337.3 million reported in April. Furthermore, approximately $11 million was lost due to breaches in private key security. Among other significant incidents, the Cork Protocol encountered a loss of $12 million, while BitoPro faced a breach resulting in losses totaling $11.5 million.
According to data from CryptoSlam, the cumulative sales volume of NFTs based on the Polygon platform has exceeded $2 billion. This accomplishment signifies a sustained growth in the market for digital collectibles on Polygon, despite the broader downturn in the global NFT sector.
Monthly sales on Polygon have consistently risen since November 2024. Volumes increased from $16.3 million that month to $74.7 million in May 2025. Courtyard, a marketplace that specializes in real-world asset (RWA) NFTs, has driven much of this growth. It currently has $277 million in all-time sales, just behind DraftKings, which has $287 million.
User engagement within Polygon’s NFT ecosystem has experienced a consistent increase, with monthly transactions surpassing 800,000 from March to May 2025. In February, the number of unique buyers reached a peak of 134,000. By May, the average sale price escalated to $89, representing a 242% increase since the conclusion of 2024.
Also Read: Crypto Prices Today: Bitcoin Price at $106,080, ETH Drops to $2,635, DOGE Falls 7%
