Circle, the company behind the USDC
stablecoin, has filed for an initial public offering and plans to list on the New York Stock Exchange.
The prospectus, filed with the SEC on Tuesday, lays the groundwork for Circle's long-anticipated entry into the public markets.
JPMorgan Chase
and Citigroup
are serving as lead underwriters, and the company is reportedly aiming
for a valuation of up to $5 billion. It will trade under ticker symbol
CRCL.
It marks Circle's second attempt at going public. A prior
merger with a special purpose acquisition company (SPAC) collapsed in
late 2022 amid regulatory challenges. Since then, Circle has made
strategic moves to position itself closer to the heart of global
finance, including the announcement last year that it would relocate its
headquarters from Boston to One World Trade Center in New York.
Circle
reported $1.68 billion in revenue and reserve income in 2024, up from
$1.45 billion in 2023 and $772 million in 2022. The company reported net
income last year of about $156 million., down from $268 million a year
earlier.
