Circle confidentially files for US IPO

Circle is looking to go public in the US.

The company announced that it had filed the draft registration statement for an initial public offering in the US in a press release.

Circle, in the release, said the IPO is “expected to take place after the Securities and Exchange Commission completes its review process, subject to market and other conditions.”

“The number of shares to be offered and the price range for the proposed offering have not yet been determined,” the press release continued. Reuters first reported the news.

Back in November of last year, Bloomberg reported that the company behind the USDC stablecoin was interested in pursuing an IPO. The media outlet cited unnamed sources at the time.

This isn’t the first time that Circle’s sought or expressed interest in taking its company public on the US markets. The company previously sought to go public through a special purpose acquisitions company, another route to becoming public that was briefly popular throughout 2020 and 2021.

However, the company abandoned its plans after the collapse of FTX in November 2022.

“We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circle’s core strategy to enhance trust and transparency, which has never been more important,” CEO Jeremy Allaire said at the time.

In August, the company announced that Coinbase would take a stake in Circle.

Coinbase also committed to the “long term success of UDC,” with Circle controlling the issuance and governance of the stablecoin.

USDC is the second-largest stablecoin by supply, with $25.2 billion to Tether’s $94.6 billion.

Updated Jan. 11, 2024 at 8:42 am ET: Added context.

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