Share this article

Exciting news in the crypto world! Circle, the powerhouse behind the USDC stablecoin, is gearing up for a big move: an IPO! Word on the street, according to a Fortune report on Monday citing insider sources, is that they’re partnering with major financial players JPMorgan Chase and Citi to make it happen.

Sources are suggesting that Circle might publicly file all the IPO paperwork as soon as late April. That’s just around the corner!

Once the filing goes public, we’re often looking at about a month before trading actually begins. Keep in mind though, the timing can shift depending on a few things, so stay tuned for updates.

This buzz comes hot on the heels of Circle’s earlier confidential IPO filing in the US earlier this year. It signals a fresh push to go public after they had to put those plans on hold back in 2022. That previous pause was due to some rocky market conditions and increased scrutiny from the SEC, led at the time by Gary Gensler.

For context, the current record holder for crypto IPOs is Coinbase, which went public back in April 2021 through a direct listing on Nasdaq. Coinbase hit the US market with a whopping initial valuation of around $86 billion.

Interestingly, both JPMorgan and Citi were also part of the team supporting Coinbase’s public debut.

Given Circle’s status as a major player in the stablecoin arena, and the largest stablecoin issuer that gets regularly audited, their upcoming IPO is anticipated to be the biggest crypto event since Coinbase’s splash into the market.

Insiders are hinting that the company is hoping for a valuation somewhere between $4 billion and $5 billion when they launch their IPO. That’s a significant number!

Circle actually first announced their IPO ambitions way back in July 2021, aiming for a merger with Concord Acquisition Corp, a special-purpose acquisition company (SPAC). That initial deal valued Circle at $4.5 billion.

By February 2022, things were looking even brighter, and the agreement was tweaked to double the valuation to $9 billion! This jump was thanks to stronger financial results and a bigger slice of the market, especially with USDC’s market cap ballooning to nearly $52 billion back then. However, that SPAC deal eventually got called off in December 2022.

Fast forward to today, and USDC’s market cap is even healthier, sitting around $60 billion—a solid 18% jump over the last year, according to CoinGecko.

Despite that earlier SPAC hiccup, Circle CEO Jeremy Allaire has made it clear that going public is still a key strategic goal. For them, it’s all about boosting trust and making things even more transparent.

And they’ve been putting in the work to get ready for this IPO. Last September, the BlackRock-backed fintech announced they’re moving their global headquarters from Boston to the Big Apple, New York City, planning to open up shop at One World Trade Center in early 2025.

This relocation is definitely seen as a signal of their intention to dive deeper into traditional finance – a story that could really resonate with IPO investors.

Back in October, Allaire stated confidently that they weren’t actually seeking extra funding through the IPO, highlighting their strong financial footing.

Looking ahead, crypto IPOs could be in for a boom, particularly under the Trump administration. Trump has openly shown support for crypto innovation, even promising to make the US the “crypto capital of the planet” and shake up regulations that have been holding the industry back.

We’re hearing rumblings that other big names like Gemini, Kraken, eToro, and Bullish are also starting to explore going public, hoping to ride this wave of opportunity.

Share this article