Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at how stablecoin issuer Circle have applied for an initial public offering (IPO) on the New York Stock Exchange (NYSE).
Circle Files for IPO on NYSE
Boston-based fintech firm Circle Internet Financial have submitted a form S-1 to the U.S. Securities and Exchange Commission (SEC) as they look to move forward with their plans to go public via a traditional initial public offering (IPO). Circle are the issuers of the stablecoin USDC and the company plans to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol “CRCL.”
This signals the companies effort to blend digital currency with time-tested market standards and regulated financial practices. While the price range for the IPO has yet to be disclosed, the timing of the offering will also depend on regulatory approval and broader market conditions. Circle initially had a failed attempt to go public for $9 billion via a SPAC merger back in 2022.
Currently USDC is the second-largest stablecoin by market capitalization and is frequently used in digital payments and decentralized finance (DeFi). A successful IPO has the potential to serve as a leader in terms of trends within the crypto space as ongoing scrutiny from regulators toward stablecoin issuers continues.
Support for the lastest IPO bid from Circle has seen JPMorgan Chase and Citi as the lead underwriters, according to a report from Fortune. The public filing is expected to follow in late April. Currently the company is reported to be targeting a valuation between $4 billion and $5 billion. If completed, the offering would represent one of the most high-profile public listings in the crypto industry since Coinbase debuted in 2021.
https://x.com/tier10k/status/1907169151530975472
In 2024 Circle reported $1.68 billion in revenue and reserve income. This noted a steady growth from $1.45 billion in 2023 and $772 million in 2022. The net income was approximately $156 million in 2024, down from $268 million the previous year. Currently USDC has around $60 billion in circulation and it represents about 26% of the total stablecoin market behind Tether’s 67% share.
Circle intend to create the largest and most widely used stablecoin network in the world. They view the market opportunity of the Circle stablecoin network as encompassing the entire global monetary supply and they expect this to grow considerably as developing nations increasingly participate in the globally interconnected financial marketplace. Their strategy for growth involves building and promoting a suite of products that foster the expansion of the Circle stablecoin network.
The company as builds and supports stablecoin infrastructure designed to enable Circle stablecoins to flow safely and easily across blockchain networks. They provide easy-to-use, cloud-based tools aimed at simplifying the underlying technology for developers, making it easier for them to build, deploy, and operate innovative applications using the Circle stablecoin network.
Have a great day.
Peace. CryptoGod-1.
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