Companies · Crypto / Web3

Circle International Bermuda Ltd

HAMILTON · Crypto / Web3 · refined from filed group “Other · https://www.circle.com/blog/circle-expands-international-offerings-with-new-bermuda-operations-and-digital-assets-business-license

Diligence memoA one-page analyst read on Circle International Bermuda Ltd — recommendation, valuation, rhythm, risks.
$486.2M
Total raised · real
1
Rounds
0.8×
Latest step-up
Top 4%
Sector rank · raised
Growth/Late
Latest stage · inferred · Tue Jul 06 2021 00:00:00 GMT+0000 (Coordinated Universal Time)

Circle International Bermuda Ltd has raised $486M over 1 round; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the crypto/web3 sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Dormant
  • Last raise 5.0 yr ago; this sector typically re-raises about every 7 months.
  • Only one round on record and long silent — often defunct, acquired, or gone quiet.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Crypto / Web3

Circle International Bermuda Ltd is one of 196 Crypto / Web3 companies tracked from HAMILTON. By capital raised it ranks among the largest (ahead of 97% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

AI analyst read est. — model-extracted from this company's public description, not a verified fact. 30%

operates a technology-led product inferred from public copy

Grounded in: “You are a venture analyst

Circle helps businesses and developers harness the power of stablecoins for payments and internet commerce worldwide. Learn more today!

Circle helps businesses and developers harness the power of stablecoins for payments and internet commerce worldwide. Learn more today! Connect with financial institutions globally for real-time settlement Launch a USDC-backed stablecoin on your blockchain Enable low-cost, near-instant global payments Provide access to a store of value worldwide Power liquid financial markets with regulated stablecoins Infrastructure, liquidity, and connectivity to lead in the stablecoin era Explore products, tools, and our community Circle helps businesses and developers harness the power of stablecoins for payments and internet commerce worldwide. Learn more today! Today, we’re expanding our global offerings with the launch and regulatory licensing of a new subsidiary in Bermuda. We plan to serve non-US Poloniex customers with our new Bermuda operations, and we expect to offer many new digital asset services from Bermuda over time. We will also continue our existing operations in the US, Ireland, the UK, and Hong Kong. While many governments around the world have not kept pace with the regulatory requirements driven by rapid innovation in digital asset businesses and crypto, Bermuda has leapt for

crypto/web3fintech
Find Circle Expands with New Bermuda Ops & Digital Assets License online

Trades publicly as Circle Expands with New Bermuda Ops & Digital Assets License.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(c)
Reg D exemption
78
Investors (latest)
2019
Year incorporated
2021-07-06
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$5.0B$10.0B$15.0B$20.0BGrowth/Late · 2021-07-06 Raised $486M (real) Modeled valuation $14.4B (est)$486M$14.4BGrowth/Late2021Series D+ · 2021-07-06 Raised $383M (real) Modeled valuation $10.7B (est)$383M$10.7BSeries D+2021+$383MCumulative $869M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Growth/Late$486.2M · 2021
Bridge · Growth/Late-stage$383.1M · 2021smaller follow-on

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B, Series C — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 29%.

Modeled valuation trajectory
$14.4B
Base estimate est.
$3.1B
Conservative case
$23.8B
Upside case
$4.9B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Growth/Latea round over $400M). Valuation is modeled from stage benchmarks scaled by the crypto/web3 sector profile. Directional, not a quoted figure.

Growth/Late · modeled $14.4B · 2021-07-062021Series D+ · modeled $10.7B · 2021-07-062021
Model inputs · modeled:benchmark-stage-stepup-v1
10%
Dilution assumption
Implied ownership sold in the financing.
74%
Survival probability
64% low · 80% high
1.32×/yr
Annual markup
1.44×/yr upside case
5.0 yr
Elapsed time used
5.0 yr actual, capped for stale marks
crypto/web3
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
0 mo
Avg between rounds
Capital velocity
5.0 yr
On record since
2021
First round
2
Rounds on file
How it compares to the market

Benchmarked against 196 companies in Crypto / Web3. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 139× above median
This company$486.2M
Sector median$3.5M
Latest round — vs other Growth/Late rounds in sector (real $, this stage) 0.8× of median
This company$383.1M
Sector median$486.2M
Modeled value — vs sector median (estimate, all stages) 272× above median
This company$14.4B
Sector median$53.1M

Raised more than 97% of sector peers (real $). Modeled value above 98% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Growth/Late) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful.

Not enough valued peers in this cohort to chart positioning.

CompanyStageRaised · realValue · estvs peer med.
Hedera Hashgraph, LLCGrowth/Late$800.6M$27.4B1.31×
Circle International Bermuda Ltd this companyGrowth/Late$486.2M$14.4B0.69×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Growth/Late$486.2M2021-07-06$4.9B$14.4B90%
Series D+$383.1M2021-07-06$3.2B$10.7B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Growth/Late$486.2M2021-07-06
    • First recorded raise — entered as Growth/Late.
    • 80 investors on this round.
  2. Series D+$383.1M2021-07-06
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 78 investors on this round.
Intelligence
Modeled next raise
$383.1M
Modeled next size est.range $383.1M$612.9M
0.8×
Last step-up
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Jeremy Allaire4 other2021-07
Flavia Naves2021-07
Registry & provenance

Circle International Bermuda Ltd is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1869343
SEC CIK
2019
Incorporated
Recent activityActive

Discovered from circle — the partnerships, launches, hiring and press it publishes about itself. Evidence the company is alive and what it is doing now, not financial data.

Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
ConsenSys Software Inc.Crypto / Web3Growth/Late$600.8M$10.0Bsame sector · same stage
Hedera Hashgraph, LLCCrypto / Web3Growth/Late$800.6M$27.4Bsame sector · same stage
Forward Industries, Inc.Crypto / Web3Growth/Late$1.7B$15.3Bsame sector · same stage
Blockdaemon Inc.Crypto / Web3Series D+$412.4M$666.8Msame sector
Dapper Labs Inc.Crypto / Web3Series D+$668.4M$106.7Msame sector
Bluefin Topco, LlcCrypto / Web3Series D+$700.0M$14.7Bsame sector
Payward, Inc.Crypto / Web3Series D+$703.3M$1.8Bsame sector
The Sun ExchangeCrypto / Web3Growth/Late$1.6M$62.9Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Cypher, Llc
Crypto Neo-Bank (WhatsApp moment for bank accounts)
ComputersSeed$6.2M79%
Partna
Unlock African payments
Crypto / Web378%
Infinia
Move money programmatically
76%
Globe
coinbase for derivatives
Fintech75%
Plumter
Financial tools for cross-border trade
Crypto / Web375%
GoCardless
We’re building the world’s bank payment network.
Fintech75%
Polar
The smarter way to manage USD earnings globally
Fintech75%
NALA
Building Payments for the Next Billion.
Crypto / Web3Series A$161.1M74%
Frequently asked
How much funding has Circle International Bermuda Ltd raised?
Circle International Bermuda Ltd has raised approximately $486.2M in disclosed capital across 1 recorded financing round, aggregated from public filings.
What is Circle International Bermuda Ltd's estimated valuation?
Provath's modeled valuation for Circle International Bermuda Ltd is approximately $14.4B (modeled range $3.1B–$23.8B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Circle International Bermuda Ltd at?
Circle International Bermuda Ltd's latest modeled financing stage is Growth/Late. Its most recent recorded round closed around Tue Jul 06.
What does Circle International Bermuda Ltd do and where is it based?
Circle International Bermuda Ltd operates in the Crypto / Web3 sector, based in HAMILTON. Circle helps businesses and developers harness the power of stablecoins for payments and internet commerce worldwide. Learn more today!
Explore related

See where Circle International Bermuda Ltd sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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