Circle’s IPO: The Comedy of Errors and Billions! 😂💰

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What to know:

  • Circle has reportedly hired JPMorgan and Citi to lead its planned IPO, expected as soon as late April, reported Fortune. (Because who doesn’t want a bank with a fancy suit?)
  • The USDC stablecoin issuer is targeting a valuation between $4 billion and $5 billion, according to the story. (That’s a lot of dough! 🍞)
  • Circle’s IPO push follows a failed 2021 SPAC merger attempt, but this time around faces a friendlier regulatory environment. (Like a puppy in a room full of kittens!)

Circle Internet Financial, the issuer of the USDC stablecoin, has reportedly hired investment banks JPMorgan Chase and Citi as the underwriters of a hoped-for IPO, Fortune reported. (Because nothing says “trust us” like a couple of big banks!)

While timing is not yet totally decided, sources say Circle will publicly file its prospectus in late April, meaning a potential IPO perhaps prior to June. (Just in time for summer vacations! 🏖️)

The company had previously filed confidential paperwork with the U.S. Securities and Exchange Commission (SEC) in January 2024. (Shhh! It’s a secret! 🤫)

Circle in 2021 had attempted to go public via a SPAC merger, but that attempt was derailed first by an intransigent SEC and then by the crypto collapse of 2022. It ultimately pulled the SPAC deal by the end of 2022. (Talk about a plot twist! 🎭)

According to people familiar with the matter that spoke with Fortune, Circle is seeking a $4 billion to $5 billion valuation. (That’s a lot of zeros! 💸)

CoinDesk reported in July that the company was valued at roughly $5 billion in private secondary markets. (So, who’s buying the popcorn for this show?)

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2025-03-31 18:59