Today in crypto, stablecoin giant Circle again boosted the size of its initial public offering, JPMorgan moves to accept crypto ETFs as loan collateral, and Sygnum warns of a looming Bitcoin supply squeeze.
Stablecoin issuer Circle boosts IPO to $1.05 billion
Circle Internet Group, Inc., the issuer of crypto stablecoin USDC (USDC), again boosted its initial public offering to $1.05 billion on June 4, pricing its shares above its previous marketed range.
It will now offer 34 million shares for $31 each when it goes public on the New York Stock Exchange on June 5 — upsizing its public debut from its prior offer of 32 million shares priced between $27 to $28 a pop, which Circle had already boosted from its initial 24 million share offering priced between $24 and $26.
The latest IPO pricing gives Circle a valuation of $6.9 billion based on the more than 220 million outstanding shares it reported in an earlier regulatory filing.
It’s Circle’s third go at going public, after pausing its debut for early April after President Donald Trump’s tariff announcement tanked global markets. It also tried an IPO in 2021 through being acquired by an Irish holding company, but the deal never went through.
JPMorgan to accept crypto ETFs as collateral for loans — Report
JPMorgan, the largest bank in the United States by assets, plans to offer trading and wealth-management clients the option of using crypto-linked assets as collateral for loans, according to a June 4 report from Bloomberg.
The bank is set to allow financing against crypto exchange-traded funds (ETFs) in some weeks. JPMorgan will begin with BlackRock’s iShares Bitcoin Trust, which, according to Sosovalue.com, is the largest US spot Bitcoin (BTC) ETF with $70.1 billion in net assets.
The bank will also consider clients’ crypto holdings when assessing net worth, treating digital assets similarly to traditional ones when determining how much a client can borrow against assets.
JPMorgan is among US banks betting on crypto initiatives for some of its clients. In 2020, it launched JPM Coin, a dollar-pegged stablecoin and in 2024, the bank reported holding shares of different spot Bitcoin ETFs.
Bitcoin’s shrinking supply may trigger price breakout: Sygnum
Bitcoin’s circulating supply is tightening fast, setting the stage for potential price surges as demand continues to grow, according to Sygnum Bank’s June 2025 Monthly Investment Outlook.
Sygnum analysts noted that Bitcoin’s (BTC) liquid supply had dropped by 30% over the past 18 months, primarily driven by institutional adoption and the rise of Bitcoin acquisition vehicles.
These entities, including exchange-traded funds (ETFs) and corporate buyers, have steadily withdrawn coins from exchanges, a move typically seen as bullish.
“Bitcoin’s fast-shrinking liquid supply is creating the conditions for demand shocks and upside volatility,” the report said.
Since late 2023, Bitcoin balances on exchanges have fallen by about 1 million BTC. The trend is accelerating as a growing number of funds issue equity or debt to purchase Bitcoin, further soaking up available supply.
At the same time, geopolitical and fiscal uncertainties, particularly around the weakening US dollar and ballooning US debt, drive investors toward crypto markets.
Adding to the momentum, three US states recently passed legislation permitting Bitcoin reserves. New Hampshire has already signed such a bill into law, with Texas likely to follow.
Meanwhile, international interest is growing. Sygnum highlighted that Pakistan’s government and Reform UK, the party currently leading in UK election polls, have announced intentions to explore Bitcoin reserve strategies.