Circle, the creator of USDC—a stablecoin tied to the US dollar—has officially submitted plans to go public. The company’s recent financial report indicates a revenue of $1.68 billion for 2024, an increase from $1.45 billion in the previous year. However, its net income has declined, standing at $156 million compared to $268 million in 2023.
This marks Circle’s second attempt to list on a stock exchange; the first effort was a merger with a SPAC in 2022, which was aborted due to delays in approval from the SEC. At the time, the SPAC deal had valued Circle at $9 billion. The anticipated IPO does not have a clear valuation yet, but industry analysts at Renaissance Capital suggest that Circle aims to raise about $750 million through the offering.
According to their regulatory filing, prominent investors owning over 5% of Circle include firms such as Accel, General Catalyst, Breyer, IDG Capital, and Oak Investment Partners. Presently, USDC in circulation is valued at approximately $60 billion.
As Circle pushes forward with its IPO plans, it does so in a climate where the Trump administration has shown a favourable attitude towards cryptocurrency assets.
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