Hassan Maishera
TL;DR
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Circle has officially filed for an IPO.
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It is currently the second-largest stablecoin issuer, with its USDC having a $60 billion market cap.
Circle Files to go Public
Circle, the U.S.-based stablecoin issuer, has officially filed for an IPO. The company filed an S-1 form with the Securities and Exchange Commission (SEC) on Tuesday.
The firm is looking to trade its stocks on the New York Stock Exchange under the ticker "CRCL."
Cirlce further revealed that it earned around $1.7 billion in 2024 from managing its stablecoin-related reserves, account for 99.1% of its total revenue.
Its USDC stablecoin is currently the second-largest stablecoin by market cap, just behind Tether’s USDT. The company has been working hard to go public over the past few years and is set to do so in the coming months.
In 2021, Circle attempted a SPAC merger but failed as it couldn’t complete the SEC’s qualification in time. The company also filed a draft registration for an initial public offering with the SEC in January 2024. However, the process slowed down due to the previous SEC administration’s handling of the cryptocurrency market.
With the crypto-friendly SEC now in charge, Circle and various cryptocurrency companies like Kraken, Ripple, Gemini, and Blockchain.com are looking to go public in the coming months.
This latest development comes a few hours after reports emerged that Circle hired investment banks JPMorgan Chase and Citi to help with its IPO, potentially valuing the company at $4 billion to $5 billion.
Per the press release, JPMorgan Chase will serve as Circle’s lead left active bookrunner in collaboration with Citigroup. Furthermore, Barclays, Deutsche Bank, and SG Americas are also part of the syndicate.
