Spencer Trask & Co. Nets Public Stake in Circle Internet Group at NYSE Debut

Strong IPO validates early discovery of the USD Coin by Spencer Trask and SeedInvest

NEW YORK, June 6, 2025 /PRNewswire/ -- Spencer Trask & Co., the advanced-technology development firm known for discovering and backing transformative innovations, announced its 2019 sale of crowdfunding investment platform SeedInvest to Circle Internet Financial Ltd. has matured into a public stake following Circle's successful initial public offering (IPO) on June 5.

"The Circle IPO is a landmark moment for the future of the global financial system," said Kevin B. Kimberlin, Chairman of Spencer Trask & Co. "We merged SeedInvest into Circle at the start of USDC, recognizing its potential to become the dollar-backed internet currency the world needs."

Market Validation of the USDC Thesis

Spencer Trask became a major Series A investor at SeedInvest's inception. Seedinvest built the largest equity crowdfunding platform in the U.S. and connected 850,000 investors with more than 500 startups. Just before the launch of USDC, SeedInvest agreed to exchange shares with Circle.

"Yesterday's IPO marks a major milestone for both Circle and everyone who helped build SeedInvest," said Ryan Feit, founder and CEO of SeedInvest. "Spencer Trask backed us when we were just getting started and has been an invaluable partner throughout our journey."

Circle's traction and impact has been notable:

• $400 million in private capital from BlackRock and Fidelity after USDC's launch.
  
  
• An oversubscribed IPO, reflecting strong institutional demand.
  
  
• USDC has powered more than $25 trillion in on-chain transactions overall and $5.9 trillion in Q1 2025 alone—a 500 percent year-over-year increase.

"With Circle now listed on the NYSE, investors are boarding the train we identified at its inception," Kimberlin added. "Our conviction in Circle echoes our belief in the inevitable digitization of money and the need for trusted, transparent, regulated infrastructure, just as we once saw Ciena's capacity to power the optical networks that connect the world."

Today, Circle continues its mission to deliver inclusive, secure financial services to the 1.4 billion unbanked adults worldwide (World Bank), a goal that aligns with Spencer Trask's legacy of supporting technologies that lift civilization.

A Track Record of Discovery

Spencer Trask's history of being the first to discover and support transformative technologies includes: Ciena Corporation, powering the Internet for 85% of the largest global telecommunications providers, Interos, the first AI-enabled supply chain risk monitoring platform, with the world's largest B2B dataset, vLex/Fastcase, the world's largest AI-enabled legal research platform, and DFMsim, a critical engine in Applied Materials' AIx platform, simulating the full-stack design and manufacturing of integrated circuits—the most complex process in the modern economy.

"Our philosophy is to discover technologies that can redesign the future," Kimberlin said. "Circle's commitment to compliance and technical excellence squarely fits that tradition, and we congratulate Jeremy Allaire, Sean Neville, Ryan Feit, and the entire Circle team on this historic IPO. Their dedication is paving the way for a more open, inclusive, and efficient global economy."

About Spencer Trask & Co.

Spencer Trask & Co. has a storied history, from financing and leading Thomas Edison's first electricity company to launching advanced technology ventures at the forefront of our time. The firm has been instrumental in creating pioneering companies in artificial intelligence, the internet, biomedicine, and healthcare. Visit www.SpencerTraskCo.com to learn more.

SOURCE Spencer Trask & Co.