#CircleIPO

*Circle's IPO: Key Details and Context**

Circle Internet Financial, the issuer of the USDC stablecoin, has officially filed for an initial public offering (IPO), marking a significant milestone in the crypto industry. Here's a comprehensive breakdown based on the latest information:

### 1. **IPO Fundamentals**

- **Valuation & Timing**: Circle aims for a valuation between **$4 billion and $5 billion**, with plans to list on the **New York Stock Exchange (NYSE)** under the ticker symbol **CRCL**. The IPO could launch as early as **June 2025**, following a confidential filing with the SEC in January 2024.

- **Underwriters**: JPMorgan Chase and Citigroup are leading the underwriting, supported by Barclays, Deutsche Bank, and Société Générale.

### 2. **Financial Performance**

- **Revenue Growth**: Circle reported **$1.68 billion in revenue and reserve income in 2024**, up from $1.45 billion in 2023 and $772 million in 2022. Notably, **99% of its revenue** stems from interest earned on reserves like U.S. Treasuries.

- **Profit Decline**: Despite revenue growth, net income fell to **$156 million in 2024** (down 42% from $268 million in 2023), reflecting increased operational costs and market challenges.

### 3. **Second Attempt at Going Public**

Circle previously attempted a SPAC merger in 2021, which collapsed due to regulatory delays and the broader crypto market downturn post-FTX collapse. The company pivoted to a traditional IPO strategy, emphasizing transparency and regulatory compliance under CEO Jeremy Allaire.