Circle’s IPO: A Rollercoaster Ride Worth Every Penny! 🎢💰

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Well now, gather ’round, folks! It seems that Circle Internet Financial, the second-largest purveyor of stablecoins, has decided to take a leap into the wild world of public trading by filing to list on the New York Stock Exchange (NYSE). Who knew that a stablecoin could be so ambitious? 😄

After a series of attempts that could make a cat’s nine lives look like a walk in the park, this move finally makes it official. It’s like watching a turtle trying to cross a busy road—slow, but eventually, it gets there! 🐢

Circle’s 24 Million Share Offering and IPO Details

According to a May 27 announcement, Circle is offering a whopping 24 million shares of its Class A common stock. Out of this treasure trove, the company is directly offering 9.6 million shares, while the remaining 14.4 million are from those eager selling stockholders. Talk about a yard sale! 🏷️

This marks a significant milestone, coming more than a year after the company first submitted its draft registration statement with the United States Securities and Exchange Commission (SEC). It’s like waiting for a pot of water to boil—takes forever, but when it does, you better be ready! 🔥

Now, let’s not forget that the USDC issuer must grant the underwriters a 30-day option to buy up to 3.6 million shares. It’s like giving your friend a rain check for a dinner you never plan to have! The IPO price has been capped at $24.00 and $26.00 per share. If they hit the jackpot, Circle could rake in as much as $250 million. Meanwhile, the selling stakeholders could pocket around $375 million for their 14.4 million stake. Not too shabby, eh? 💸

But hold your horses! The offering is still subject to market conditions, and there’s no telling when this IPO will actually see the light of day. Information about the size or terms of the offering is still as elusive as a cat in a room full of rocking chairs. 🐱

According to the NYSE application, Circle will trade under the ticker symbol “CRCL.” Sounds like a fancy new car model, doesn’t it? 🚗

Attempts for Circle to Go Public

Now, let’s take a stroll down memory lane. The USDC issuer has made more attempts to go public than a dog chasing its tail. In 2022, Circle tried to go the SPAC route with Concord Acquisition, but alas, the plan was scrapped faster than you can say “regulatory hurdles.”

This little hiccup coincided with a harsh winter that hit the broader crypto market, triggered by multiple firm implosions and token crashes. It was a real doozy! ❄️

When Circle finally submitted its draft registration statement with the SEC in January 2024, it seemed like the IPO was closer than a kid to a candy store. But, as luck would have it, the SEC decided to take its sweet time with the application review. ⏳

CEO Jeremy has always believed that Circle is ready for this new feat. “We’re in a financially strong position and have been able to build a very solid business, and we’re currently not seeking any funding,” he once said. Sounds like someone’s been sipping the confidence juice! 🍹

Circle Debunks Acquisition Claims, Focused on IPO

Earlier this month, rumors swirled that Circle was offered a $5 billion sales offer by San Francisco-based blockchain payments firm Ripple Labs Inc. If that deal went through, pro-XRP attorney John E. Deaton claimed it could make Ripple a bank. But hold your horses—Circle turned down the offer, saying it was too low and undervalued the company. Talk about knowing your worth! 💪

Meanwhile, anonymous sources suggest that Ripple Labs may still submit a higher bid, potentially sparking a rivalry with Coinbase. It’s like watching two kids fight over the last cookie in the jar! 🍪

Despite all the chatter, Circle has made it crystal clear: it is not for sale. So, folks, keep your wallets closed and your popcorn ready for this IPO saga! 🍿

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2025-05-27 19:33