Circle Internet Group is a U.S.-based financial technology company and the issuer of USDC, one of the world's most widely used dollar-pegged stablecoins. Founded in 2013 by Jeremy Allaire and Sean Neville, Circle has raised over $1.5 billion in venture funding from leading institutions including BlackRock, Fidelity, Goldman Sachs, and General Catalyst.
On June 4, 2025, Circle priced its initial public offering at $31 per share on the NYSE under the ticker CRCL, above its expected range of $24-$28, raising approximately $1.1 billion and valuing the company at approximately $6.9 billion (CNBC). When trading opened the next day, shares surged to $69 at open and closed at $83.23, a 168% first-day gain, marking one of the strongest fintech IPO debuts of the year (CoinDesk).Circle's path to the public markets included a $9 billion SPAC deal with Concord Acquisition Corp that was terminated in December 2022 after the SEC did not declare the S-4 effective by the deadline. The company ultimately pursued a traditional IPO, filing its S-1 in early 2025.
In October 2024, Equitybee facilitated the funding of stock option packages for Circle employees. Approximately 12 months after funding, Circle successfully went public via IPO, delivering positive returns to all investors via Equitybee.
Circle's IPO at $31 per share generated strong returns for Equitybee investors. Notably, Equitybee investors achieved a median net IRR of 115.48% with only 12 months to liquidity, significantly outperforming the estimated annualized returns of Circle's most recent venture round investors. We estimate that Series F investors, including BlackRock, Fidelity, and Goldman Sachs, who invested at $42.14 per share in April 2022, achieved an estimated net IRR of approximately 18.88% over roughly 44 months. By comparison, Equitybee investors entered at $16.18 per share, a 62% discount to the Series F price, and realized over 6x the estimated annualized return in roughly one-quarter of the time.
*Equitybee Investors figures represent the median Equitybee investor. Past performance is not indicative of future results.
Notably, the median net IRR for Equitybee offers on Circle was 115.48%. Equitybee investors entered at $16.18 per share in late 2024, a price effectively on par with Series E investors who entered at $16.23 in 2018. However, while we estimate Series E investors waited nearly 93 months for liquidity and achieved an estimated net IRR of approximately 22.96%, Equitybee investors achieved their return in just over 12 months.We estimate that Series F investors, who entered at $42.14 per share in April 2022, achieved an estimated net IRR of approximately 18.88% over roughly 44 months. Earlier-stage investors benefited from significantly lower entry prices: Series A investors entered at $0.27 per share in October 2013, and Series B investors at $0.97 per share in March 2014. These early rounds, however, required capital commitments of over a decade before achieving liquidity.
Methodology note: Our estimates for venture round investors are based on: (1) the preferred share prices paid in each round (as outlined in the Timeline of Events), (2) Circle's settlement price of approximately $78.5 per share, calculated as the weighted average closing price during the first five trading days following the lockup expiration, and (3) a 1:1 conversion from preferred to common shares at IPO. These estimates assume venture investors sold at the settlement price described above. Actual VC fund returns may differ.
Preferred Share Price: $0.27 | Lead Investors: General Catalyst, Accel, SharesPost
Preferred Share Price: $0.97 | Lead Investors: General Catalyst, Accel, Oak Investment Partners
Preferred Share Price: $2.17 | Lead Investors: General Catalyst, Accel, Oak Investment Partners | Funding: ~$50M at ~$200M valuation
Preferred Share Price: $2.76 | Lead Investors: General Catalyst, Accel, Oak Investment Partners | Funding: ~$60M
Preferred Share Price: $16.23 | Lead Investors: Next Ventures, Sequoia Capital, BlackRock, FTX
Preferred Share Price: $42.14 | Lead Investors: BlackRock, Fidelity, Goldman Sachs | Funding: $400M at ~$9B valuation
Offer Price: $16.18 per share | 62% discount vs. Series F ($42.14)
IPO Price: $31.00 per share | Raised: ~$1.1B | Valuation: ~$6.9B
Lockup period expired on November 13, 2025. Settlement date: November 21, 2025.
Distribution Price: $78.5092 per share | Distribution Date: December 5, 2025
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*Internal Rate of Return, net of fees
**Multiple on Invested Capital Past performance is not indicative of future results.
115.48% IRR represents the median IRR experienced by investors who utilized Equitybee to fund employee stock options in Circle. Net IRR is shown net of all applicable fees. IRR figures are calculated for each offer on the Equitybee platform from the date the investor's funds were transferred to the employee (funded date) through the distribution date of proceeds. If the distribution date was less than one year after the funded date, the IRR represents an unannualized return. For distributions one year or more after the funded date, IRR is annualized. Circle public share prices sourced through Yahoo! Finance. Equitybee is not affiliated or associated with, or endorsed by, any of the companies mentioned herein. Equitybee executes private financing contracts (PFCs), private placements which are speculative, illiquid, contain substantial risk and may result in the complete loss of capital to the investor. These risks may be greater during extreme market conditions. PFCs do not grant or transfer ownership of startup company stock. When a liquidity event occurs at a price per share less than the investment price per share, Investors will first receive all available funds to recoup the original investment amount. The employee will not receive any proceeds in this event. A private offering of interests will only be made pursuant to a confidential private placement memorandum, an operating agreement, and other subscription documents ('Other Documents'), which will only be furnished to qualified investors on a confidential basis at their request for their consideration in connection with such offering. For accredited investors only. Securities offered through EquityBee Securities, LLC, member FINRA.
Sources:
Circle IPO Pricing Announcement - CNBC
Circle NYSE Debut and First-Day Performance - CoinDesk
Circle IPO Valuation and Pricing Details - CoinDesk
Circle $400M Series F Funding Round - TechCrunch
Circle IPO Pricing Details - Circle Investor Relations
Circle SPAC Termination - Circle Press Room
Fundraising round data - Pitchbook, Inc.