#CircleIPO
USDC Issuer Circle Files for IPO Amid Crypto-Friendly US Regulatory Shift
Circle, the issuer of the USDC stablecoin, has filed for an initial public offering (IPO), marking a major step toward becoming a publicly traded company.
The firm has submitted its prospectus to the Securities and Exchange Commission (SEC), aiming to list its shares on the New York Stock Exchange under the ticker symbol “CRCL.” This move comes at a time when the U.S. government appears to be becoming more favorable toward cryptocurrency and blockchain-based technologies.
USDC Issuer Circle Files for IPO
Circle’s decision to go public follows years of anticipation. The company first attempted to enter the public markets via a merger with a special purpose acquisition company (SPAC) in 2021. However, this effort was halted due to regulatory concerns and timing issues with the SEC.
Since then, Circle has worked to position itself as a more integral player in global finance, including relocating its headquarters from Boston to New York’s One World Trade Center.
In 2024, Circle submitted a draft registration statement for its IPO with the SEC, move that has been made in light of the growing influence of stablecoins in the crypto-market. In the case of IPO, it will give Circle access to public funds, and investors a chance to invest in a company that has been active in cryptocurrency for several years now.
Financial Performance and IPO Valuation
Circle reported a significant increase in its revenue for 2024, with its total revenue reaching $1.68 billion, up from $1.45 billion in 2023. A large portion of this income came from reserve income related to its stablecoin operations. The company’s net income for the year stood at approximately $156 million, though this was a decrease from $268 million in 2023.
The IPO is expected to value Circle at between $4 billion and $5 billion, with JPMorgan Chase and Citigroup acting as the lead underwriters.