Circle Internet Financial Confidentially Files for IPO in the U.S.
Summary:
Circle Internet Financial, issuer of the USD Coin, has discreetly filed for an Initial Public Offering (IPO) in the U.S., with an undisclosed price range or volume of shares. Despite prior discussions of public listing, the company refused to comment on speculations. The IPO is planned to proceed after the completion of the Securities and Exchange Commission's review, and will rely on prevailing market conditions.
Circle Internet Financial, known for issuing the USD Coin (USDC) - the world's second-biggest stablecoin by market cap, discreetly lodged an Initial Public Offering (IPO) document in the US, as indicated by reports. Reputed media source Reuters shared on January 11 that filing for an IPO is part of Circle's larger scheme to transition into a publicly-traded organization. The company did not disclose any details regarding the expected price range for its IPO or the volume of shares it intends to float. Circle is eyeing on launching their IPO following the completion of the US Securities and Exchange Commission (SEC)'s review, although this depends on the market conditions as well. Circle's public debut was discussed in 2021, when it intended to become public by merging with a special purpose acquisition company (SPAC), Concord Acquisition Corp, initially evaluated at $4.5 billion. It saw a surge to $9 billion in 2022, but the deal was ultimately dropped. Circle issuing USD Coin (USDC), a stablecoin pegged to the American dollar, resurfaced in 2023 due to a Bloomberg article that pointed to unnamed sources discussing Circle consulting with its associates about a probable IPO. A spokesperson from Circle noted that becoming a listed entity in the US has been a long-held strategic ambition for the company, though they refused to comment on speculations. The company's USDC stablecoin, which is tied to the US dollar, continues to be one of the world's primary stablecoins, boasting a $25 billion market cap.
Published At
1/11/2024 4:59:21 PM
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