Circle, the issuer of the USDC stablecoin, is preparing to go public.
The firm filed an S-1 form with the SEC on Tuesday. If approved, its stock will trade on the New York Stock Exchange under the symbol “CRCL.”
Key Details:
- Circle reported a reserve income of $1.7 billion from its stablecoin operations at the end of 2024, accounting for 99.1% of its total revenue.
- The firm is behind USDC, which is the second-largest stablecoin by market capitalization, boasting a supply of $60 billion. Circle’s IPO has generated significant interest in the crypto community due to its protracted attempts to go public in previous years.
- The company’s initial effort in 2021 to merge with a SPAC fell through as it did not finalize the SEC’s qualifications on time, as stated by CEO Jeremy Allaire.
In an alternative strategy, Circle submitted a registration for an IPO in January 2024. This has taken longer than anticipated amid a challenging regulatory environment, which persisted until the recent inauguration of President Donald Trump.
Recent reports indicate that Circle enlisted JPMorgan Chase and Citi to assist with its public offering, which is estimated to value the company between $4 billion and $5 billion. CoinDesk previously reported that Circle was valued at around $5 billion in private markets as of July.
Additionally, according to a press release, JPMorgan Chase will serve as the lead left active bookrunner, alongside Citigroup, with contributions from Barclays, Deutsche Bank, and SG Americas.
Since Trump’s inauguration, several crypto-related companies like Ripple, Kraken, and Gemini are also looking to go public, intensifying competition in this sector.
UPDATE (April 1, 21:14 UTC): Additional details on Circle’s IPO journey have been included.
