Circle files for IPO on NYSE under ticker CRCL
USDC stablecoin issuer Circle has filed for an initial public offering (IPO), aiming to list its shares on the New York Stock Exchange under the ticker "CRCL" by the end of April.
According to the S-1 registration statement filed with the U.S. Securities and Exchange Commission (SEC) on April 1, Circle intends to list its Class A common stock under the symbol "CRCL".
The filing does not specify the number of shares to be offered or the expected IPO price.
The filing reveals that Circle generated $1.67 billion in revenue in 2024, up 16% from the previous year. However, net income dropped to $155.6 million, a 41.8% decrease compared to 2023. In contrast, the company reported a net loss of $761.7 million in 2022.
Circle’s financial performance for the past three years ended on December 31. Source: SEC, Cointelegraph
The company noted that more than 99% of its 2024 revenue came from stablecoin reserves, with income generated primarily through interest-bearing U.S. Treasury securities.
Third attempt at going public
This marks Circle’s third attempt to go public. The company previously tried to go public via a SPAC merger in 2021 but abandoned that plan in December 2022. A second confidential filing was submitted to the SEC in January 2024.
USDC is currently the second-largest stablecoin by market capitalization at $60.1 billion, behind only Tether (USDT), which has a market cap of $143.9 billion, according to CoinGecko.
As we wrote, Circle Internet Financial, the company behind the USD Coin (USDC) stablecoin, is preparing to file for an initial public offering (IPO) in late April and has enlisted the support of banking giants JP Morgan Chase and Citigroup to lead the effort.
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