November 8, 2023

Circle Considers 2024 IPO, Reports Bloomberg

Circle Internet Financial Ltd., the entity behind the well-known USDC stablecoin, is reportedly exploring the possibility of launching an initial public offering (IPO) in the early months of 2024.

As part of its strategic aspirations, Circle has been in discussions with advisors to potentially make a move towards becoming a publicly listed company in the upcoming year. However, the decision on whether to proceed with an IPO is yet to be finalized, and the discussions are currently in their early stages.

When approached regarding the IPO discussions, a spokesperson for Circle expressed:

"Becoming a US-listed public company has long been part of Circle’s strategic aspirations. We don’t comment on rumors."

Should Circle pursue the path to go public, it would join the growing trend of crypto companies entering public markets, coinciding with significant investor interest in the sector. The exact valuation sought by Circle for the IPO hasn't been specified by the sources. Notably, the company held a $9 billion valuation the previous year during its pursuit of a public listing via a merger with a blank-check company, a deal that eventually collapsed.

Despite the failed merger with Concord Acquisition Corp, Circle has secured private funding from major names such as Goldman Sachs, BlackRock, and Fidelity Investments. In its 2022 funding round, the company was valued at $7.7 billion, based on reports at that time.

Circle's primary claim to fame is as the issuer of USDC, the second-largest stablecoin in the market, a widely used token pegged to the US dollar. An IPO, if pursued, would bring increased transparency to the operations of the company behind this crucial digital asset.

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