Circle Internet Financial is reportedly partnering with JPMorgan Chase and Citi to finally move ahead with its long-awaited IPO plans
The company has not confirmed any date to publicly list its shares, but reports have it Circle is looking at a late April date.
Other multinational companies have followed a similar path to solidify their market presence. Tech giants like Alphabet Inc. and Meta expanded on a global scale and improved product development through their IPOs. Fintech firms such as Coinbase and Robinhood have also entered the public markets to establish themselves as staples of the financial sector.
Circle’s attempts at public listing
Circle initially attempted to go public through a merger with a special purpose acquisition company (SPAC), Concord Acquisition Corp., in 2021, which would have put its valuation at $9 billion. However, it abandoned those plans in late 2022 due to increased regulatory scrutiny and unfavorable market conditions following the collapse of the FTX crypto exchange.
The company, unwilling to give up, confidentially filed for an IPO in early 2024. In Circle’s CEO, Jeremy Allaire’s words:
Circle announced plans to relocate its global headquarters from Boston to New York City in 2024 as part of preparations for its public debut. That move was expected to be finalized in early 2025, but it is yet to be confirmed.
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NYSE owner ICE teams up with Circle to integrate USDC stablecoin
The proposed headquarters at the One World Trade Center would have positioned Circle in close proximity to major financial institutions and eased its integration with traditional financial firms.
While Circle’s confidential IPO filing occurred over a year ago, the decision to make the paperwork public has created an opportunity for a deep look at Circle’s financials. It also marks the final step towards a public listing of its shares. The public filing also discloses the company’s proposed ticker symbol.
Circle’s offering would be the biggest crypto IPO since Coinbase went public in 2021 using a direct listing. JPMorgan and Citi were also a part of the team that served as financial advisors for the Coinbase listing, according to regulatory filings.
Market conditions and regulatory approval
Circle’s IPO comes at an opportune time for the company as the market for new public listings has improved significantly from 2024. So far this year, 73 companies have gone public on U.S. exchanges, which shows a 70% increase from 2024. The total value of those deals was $11.8B, a 39% increase from the same time period in the previous year, according to data from Dealogic.
Several well-known companies, including eToro, Stubhub, and Klarna have also filed to go public.
As crypto exploded in 2021, USDC became widely used for decentralized financial applications and crypto trading settlement, fueling an explosion of its market capitalization from under $1B in 2020 to over $60B in 2025.
See also
NYSE owner ICE teams up with Circle to integrate USDC stablecoin
The SEC’s Division of Corporation Finance engaged in an extensive almost year-long correspondence with Circle, raising concerns about whether USDC should be considered a security and if Circle qualifies as an “investment company,” which would subject it to additional regulatory requirements.
While Circle has so far faced challenges on the path to becoming publicly listed, the company believes that fulfilling that goal will enhance its transparency, trust, and compliance, which aligns with its long-term strategy to solidify its position in the financial industry. Allaire often emphasizes the importance of this goal to the company. “We believe becoming a U.S.-listed, publicly traded company is critical to our future,” he said.
The Trump administration has so far delivered on its promise to progress crypto regulation, and legislative efforts, such as the GENIUS Act and the STABLE Act could provide comprehensive federal and state-level regulation for stablecoin issuers like Circle. That regulatory clarity and stability could explain why the stablecoin issuer is confident with advancing its IPO plans this year.
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