Circle, the Company Behind USDC, Takes Leap Toward IPO

By Ben Knight January 12, 2024 In Cryptocurrency, ETF, SEC
  • Circle confidentially files for IPO in their second attempt after their previous deal was terminated in 2022.
  • The team was previously valued at USD $9B, although that figure has likely changed since due to the ever-shifting market conditions.
  • Circle joins Coinbase, Apex Fintech and Aspen Insurance as some of the crypto-based companies going (or already) public.

Circle Internet Financial is best known among the crypto community for managing the popular USD-pegged stablecoin USDC. The token is the second-biggest stablecoin (behind Tether) and is often praised for its security measures and sustainable governance. The team, who operate out of Boston, have confidentially filed for a public offering, although many of the details remain unclear.

Previous Filing Valued Circle at USD $9B 

This isn’t the first time that Circle has attempted to take their company public. In late 2022, the stablecoin issuer applied with the Securities and Exchange Commission (SEC) for an IPO. The request was eventually denied by the SEC – but not for the “capricious and arbitrary” reasons that many among the crypto community have come to expect.

A spokesperson from Circle spoke to the rejection at the time:

Circle has not and does not blame the SEC for anything related to the mutual termination of our SPAC agreement…As stated in December 2022, the deal simply termed out.

Circle Spokesperson

However, even though the previous deal fell through, we do know the team valued itself at approximately USD $9B (AUD $13.4B). It is possible the significant change to the market conditions since late 2022 would change Circle’s external valuation, however, the spot ETF approval is likely to benefit this figure.


Other Crypto Companies Join the IPO Phase

In 2017 – thanks to Ethereum – the crypto world enjoyed (or endured) the Initial Coin Offering (ICO) craze. Now, it appears the SEC might have to gear up for its own rendition, as several crypto startups are looking to take their companies public.

The U.S.-based crypto exchange Coinbase was one of the first to make the transition into public trading, although the move hasn’t been completely successful. The share price is down nearly 60% since it was introduced at the height of crypto’s 2021 bull run.

However, the spot ETF approval appears to have buoyed several players in the crypto space to consider applying for an IPO. Circle is just one of several – with Apex Fintech and Aspen Insurance also filing for public offerings.

Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

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