Circle, the stablecoin issuer based in the U.S., is making its way to the public market.
The company has submitted an S-1 form to the Securities and Exchange Commission (SEC) for approval to trade its stock on the New York Stock Exchange under the symbol “CRCL.”
At the end of 2024, the company reported $1.7 billion in reserve income from managing its stablecoin-related reserves, making up 99.1% of its total revenue.
Circle is the creator behind USDC, the second largest stablecoin with a supply of $60 billion. The company’s IPO has been highly anticipated in the crypto world, as it has been attempting to go public for years.
After a failed attempt at an SPAC merger in 2021, Circle took a different route by filing a draft registration for an IPO with the SEC in January 2024. The process has been ongoing amidst a challenging regulatory environment until now.
Recently, reports emerged that Circle has hired JPMorgan Chase and Citi to assist with its IPO, potentially valuing the company at $4 billion to $5 billion. JPMorgan Chase will lead the bookrunner with Citigroup, along with Barclays, Deutsche Bank, and SG Americas as part of the syndicate.
Aside from Circle, other crypto-related companies like Ripple, Kraken, and Gemini are also considering going public, following a trend of companies in the industry looking to enter the public market.
AI firm CoreWeave, with a strong business connection to bitcoin mining firm Core Scientific, began trading on the public market on March 28.
UPDATE (April 1, 21:14 UTC): Additional information on Circle’s history of going public.
