Stablecoin giant circle file for IPO after $1.7 billion stubcoin reserve windfall

Circle, a US-based Stablecoin publisher, is open to the public.

The company filed the S-1 form with the Securities and Exchange Commission (SEC) on Tuesday. If approved, the company's shares will be traded on the New York Stock Exchange under the symbol “CRCL.”

The company said at the end of 2024, the reserves from managing Stablecoin-related reserves were $1.7 billion, accounting for 99.1% of its total revenue.

The Circle is behind USDC, the second largest stubcoin by market capitalization, with supply of $60 billion. The company's IPO is one of the most anticipated cryptographically, as the company has been trying to make public for years.

Circle's first attempt, a 2021 SPAC merger, failed because the company failed to complete the SEC's “qualification in time.” Reports at the time suggest that the Securities and Exchange Commission (SEC) simply did not approve the company's plans that the circle denied.

Choosing a second pass, Circle submitted a draft registration for the initial public offering to the SEC in January 2024. This process has been dragged down to date in the crypto-residential environment within the government that lasted until US President Donald Trump took office.

Just yesterday, Circle hired investment banks JPMorgan Chase and Citi to support the IPO, which could value the company at $4 billion to $5 billion. Coindesk reported in July that it was valued at around $5 billion in the private secondary market.

JPMorgan Chase will act as the left Active Bookrunner in collaboration with Citigroup, according to a press release. Barclays, Deutsche Bank and SG Americas are also part of the syndicate.

Circle is not the only company of Crypto-Adjacent that it is about to publish. Since Trump took office, several crypto companies, including Ripple, Kraken and Gemini, have doubled plans that have been rumoured to be focused on IPOs.

CoreWeave (CRWV), an artificial intelligence (AI) company that benefits from its strong business relationship with Bitcoin Mining Firm Core Scientific (CORZ), began trading in the open market on March 28th.

Update (April 1, 21:14 UTC): Add more information about the history of Circle's public release.