Circle Internet, the issuer of USD Coin stablecoin, is reportedly considering an initial public offering (IPO) in early 2024, as disclosed by undisclosed sources. The company is currently in talks with advisors to assess the feasibility and timing of such a move to the public markets. This potential IPO aligns with Circle’s growth ambitions and strategic planning.
A representative for Circle confirmed that becoming a publicly traded U.S.-listed company has always been a strategic goal for the company. However, no further comments were provided regarding the rumors surrounding the IPO details.
With a current market cap of $24.42 billion, USDC is currently ranked as the sixth largest coin and the second largest stablecoin according to CoinMarketCap. While the specific value sought in the IPO has not been disclosed by Circle, it is worth noting that the company’s previous attempt to go public via a blank-check deal in 2022 was valued at $9 billion.
Previous Merger and Funding Round
In 2021, Circle entered into a merger agreement with Concord Acquisition Corp., a Special Purpose Acquisition Company (SPAC). However, the merger ultimately fell through. In 2022, Circle successfully raised $400 million in a funding round from major financial institutions such as Goldman Sachs, Blackrock, and Fidelity, among others. Axios reported that the company was valued at $7.7 billion prior to the planned merger.
Earlier this year, Circle revealed that it had $3.3 billion of its $40 billion USDC reserves at the collapsed Silicon Valley Bank. Wire transfers were requested by the company before the collapse, but the transactions did not go through. As a result, the price of USDC dropped to an all-time low of around 0.8774 instead of its intended $1 value.
Despite previous setbacks, Circle’s determination to achieve a public listing remains steadfast. However, the company has not confirmed any specific IPO plans and has chosen to remain silent on recent speculations.
“Becoming a U.S.-listed public company has long been part of Circle’s strategic aspirations. We don’t comment on rumors.”
– Circle representative
