Circle: NASDAQ IPO
Circle is a leading fintech company and issuer of USDC, the world's second-largest stablecoin. USDC has become the infrastructure standard for digital dollars—a tool for global payments and settlements in the on-chain economy.
Circle's products enable integration between traditional finance and blockchain infrastructure, allowing companies and financial institutions to execute instant international transfers and build next-generation fintech services.
Use cases include:
International transfers: instant cross-border payments without intermediaries
DeFi applications: base asset for decentralized financial services
Corporate settlements: supplier payments and employee disbursements
Crypto exchanges: primary currency for trading operations
USDC transaction volume on blockchains reached $9.6T per quarter—a more than 6x increase over the year, confirming expanding real-world adoption in the global economy.
How We Invested in Circle
In early 2025, Axevil Capital invested in Circle on the secondary market when market volatility created attractive entry conditions. At that point, the company had already filed its S-1 for a public offering.
In summer 2025, Circle completed a successful IPO on NASDAQ. The offering saw exceptionally high demand: oversubscribed 25x, the company raised $1.1B at a $6.8B valuation. The first trading day demonstrated strong institutional investor interest.
Why We Believed in Circle
At the time of investment in March 2025, Circle demonstrated a unique combination of factors:
USDC as the second-largest stablecoin and mature infrastructure standard for digital dollars
Regulatory advantage: the only major stablecoin issuer proactively compliant with European and Canadian requirements
Expected legislative changes in the US (Genius Act, Clarity Act) created tailwinds for Circle
Transparent business model with clear economics and institutional demand
Obvious catalyst: upcoming NASDAQ IPO
Q3 2025 Results Confirmed Our Thesis
The company delivered strong performance:
USDC volume reached $76B (+108% YoY)
Revenue of $740M (+66% YoY)
Net income of $214M (+202% YoY)
Stablecoin market share grew to 29%
Non-interest revenue increased from $1M to $29M over the year
Launch of strategic products Arc and CPN strengthened Circle's position as global digital payments infrastructure
Circle's IPO became one of the most successful tech offerings of 2025. This case exemplifies how proper entry timing, understanding of the regulatory environment, and focus on fundamentally strong companies create the foundation for successful late-stage investments.
This information does not constitute advertising and/or an invitation to make offers.
