Circle Launches Long-Awaited IPO, Trump Media Set for $3B Bitcoin Purchase, and Cantor Fitzgerald Introduces BTC Lending Arm

Takeaways

• Circle has launched its long-anticipated IPO, offering 24 million shares with a target price of $24–$26 each: The USDC issuer will trade on the NYSE under the ticker “CRCL,” pending market conditions and approval from SEC.
• Trump Media and Technology Group is preparing a combined equity and convertible bond offering to raise $3 billion for crypto acquisitions: The firm also plans a crypto-focused financial services platform.
• Block enables bitcoin payments: Jack Dorsey’s company rolled out real-time bitcoin payments this week at Bitcoin Vegas, with plans to make it fully available in 2026.
• Fitzgerald has introduced a $2 billion credit facility to provide bitcoin-backed financing: Maple Finance and FalconX are the first borrowers, leveraging the new lending arm to bolster growth.
• Strategy has purchased 4,020 BTC for roughly $427 million, funded by equity and preferred-stock offerings: Its total treasury now stands at 580,250 BTC, which cost $40.61 billion and represents nearly 3% of all circulating bitcoin.

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Circle Officially Launches IPO, Plans to List on NYSE Under “CRCL”

The fintech firm plans to offer 24 million shares of Class A common stock, with 9.6 million issued by Circle itself and 14.4 million by existing shareholders. The expected share price range is between $24 and $26, which would value the offering at up to $624 million.

Circle has applied to list its shares on the New York Stock Exchange under the ticker symbol CRCL, though the IPO's completion remains subject to market conditions and regulatory approval. Leading the IPO are JPM, Citigroup, and Goldman Sachs, joined by a host of other major financial institutions including Barclays and Deutsche Bank.

Circle’s move toward public markets follows its earlier attempt to go public via SPAC in 2021, which was later called off. The company is a dominant player in the stablecoin market, the second-largest dollar-pegged digital asset by market cap, and its transition to public entity could help further legitimize the financial instrument amid a push to pass stablecoin legislation in Congress.

Trump Media Eyes $3 Billion Raise for Crypto Purchases

The funding round is reported to mix a new share issuance with a convertible bond offering. The initiative follows the trend set by Strategy, which has leveraged equity and debt issuances to amass over $62 billion in bitcoin.

Trump Media’s proposed raise would similarly inject significant crypto exposure onto its balance sheet, and earlier this year, the company revealed plans for a financial services arm centered on digital assets. By combining fresh capital with debt financing, the firm seeks to emulate Saylor’s treasury strategy while expanding into asset management, and with bitcoin reaching a new all-time high of more than $112,000 last week before pulling back this week, more companies might begin to follow suit this year.

Block Announces Bitcoin Payment Program for Merchants

The company reportedly plans to roll out the new feature to more merchants later this year and complete a full rollout in 2026, pending regulatory approval.

The move comes after Block CEO Jack Dorsey said in April bitcoin could risk becoming irrelevant if it’s only seen as a store of value without everyday utility such as payments. The program runs on the Lightning Network, a layer-2 protocol that facilitates payment transactions.

As part of the program, merchants have the options to either convert the bitcoin to fiat currency immediately or keep it as a reserve asset. Block, which underwent layoffs the past two years, has approximately 4 million merchants using its point-of-sale product. Their goal is to push bitcoin forward as the future internet currency.

“There’s a lot of talk about corporate bitcoin right now,” said Block’s Miles Suter, who is leading the rollout. “But like we did on Cash App — which is very much about the little guy and bringing accessibility to everyone — we want small and medium-sized merchants to also be able to get the benefits of bitcoin.”

Cantor Fitzgerald Launches $2 Billion Bitcoin Lending Business

The initial recipients of bitcoin-backed loans are DeFi lending platform Maple Finance, and FalconX, a digital-asset brokerage.

The firm’s new business line aims to supply institutional bitcoin holders with diversified funding channels beyond traditional sources, and the move follows Cantor’s broader efforts in crypto markets, including managing the US Treasury reserves that underlie Tether’s USDT stablecoin. By leveraging its balance sheet to provide bitcoin collateralized loans, the firm seeks to enhance market liquidity and help integrate bitcoin into established financial frameworks.

Cantor Fitzgerald’s entry into crypto financing comes amid growing institutional demand for digital-asset credit solutions. Maple Finance reportedly plans to deploy the funds to accelerate platform development, while FalconX will use the liquidity to support client trading and custody services.

Strategy Acquires 4,020 BTC for $427M, Bringing Holdings to 580,250 BTC

The purchase was financed through a combination of equity and preferred-stock issuances, including proceeds from a recent $2.1 billion offering of Series A Perpetual Strife Preferred Stock. With this latest purchase, Strategy’s cumulative Bitcoin holdings have now reached 580,250 BTC, bought at an aggregate cost basis of roughly $69,979 per coin.

At today’s prices, the firm sits on $22.7 billion in unrealized gains and controls a staggering ~3% of Bitcoin’s 21 million maximum supply. Over the weekend, Executive Chairman Michael Saylor hinted at further purchases via Strategy’s public Bitcoin tracker, underscoring his commitment to buy “only money I can’t afford to lose.” As other corporations such as Metaplanet follow Strategy’s lead, corporate bitcoin treasuries continue to surge in popularity.

-Team Gemini