$USDC

1. IPO Filing and Timeline**

- **S-1 Filing**: Circle officially filed its S-1 with the SEC on **April 1, 2025**, aiming to list on the NYSE under the ticker **"CRCL"**.

- **Expected IPO Date**: Late April or early May 2025, pending regulatory approval.

- **Underwriters**: JPMorgan (lead), Citigroup, Barclays, Deutsche Bank, and SG Americas.

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### **2. Financial Highlights**

- **Revenue**: $1.68 billion in 2024 (up 16% YoY), driven by $1.7 billion in reserve income from USDC operations.

- **Net Income**: $157 million in 2024 (down from $271.5 million in 2023 due to regulatory and operational costs).

- **Valuation**: Targeting $4–5 billion, a discount to its 2022 peak of $9 billion