Circle has filed with the SEC for its IPO
The number of securities and the price range have not yet been determined
11.01.2024 - 15:20
139
3 min
0
What’s new? Circle, the issuer of the USDC stablecoin, has announced its intention to become a public company. An application has been filed with the US Securities and Exchange Commission (SEC) to go public through an initial public offering (IPO). The number of securities and the price range have not yet been determined.
What else is known? Circle attempted to go public on the New York Stock Exchange (NYSE) in 2022 through a business combination with special purpose acquisition company (SPAC) Concord Acquisition Corp, but later abandoned the initiative. At the time, the company was valued at $4,5 billion. The media, citing sources, wrote that the SEC has significantly tightened the procedure for reviewing applications from crypto companies.
In July last year, Circle reduced its staff and investments in non-core business areas as part of cost optimization. At the same time, at the beginning of the year, the company intended to increase the number of employees by 25%.
According to the press release, the IPO will take place after the SEC completes its review process, the exact timing will also depend on the market and other conditions.
USDC, which is pegged to the US dollar and issued by Circle, ranks second in the stablecoin ranking and fifth in the overall cryptocurrency list with a capitalization of $25,66 billion. The figure is down by 54% from the record set in June 2022.
In November 2023, the largest funding round among centralized finance projects (CeFi) was the $370 million IPO of UAE-based mining company Phoenix Group.
Circle patents parallel block processing technology
The technology allows simultaneous processing of several pieces of information by sequentially checking blocks
In December, Circle underwent an interim registration procedure in France as a digital asset services provider.
Useful material?
Incidents
Roger Ver has been accused of not paying taxes
May 1, 2024
Mining
After the publication of the financial report, the company’s shares added 5%
Apr 30, 2024
Market
The commission had previously warned the developer of potential enforcement actions
Apr 29, 2024
Market
Funds can be seized by law enforcers due to links to illegal activity
Apr 26, 2024
Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024