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

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3 min

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.

Press release

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.