Circle Internet Financial Now Files For IPO To Expand To Publicly-traded Company
Key Points:
The company, based in Boston, has not disclosed the number of shares it intends to sell or the proposed price range for its IPO. This move is part of Circle‘s plan to become a publicly traded company.
In an official statement, Circle Internet Financial stated that it filed a confidential draft S-1 document with the U.S. Securities and Exchange Commission (SEC). The specific details regarding the number of shares to be offered and the price range for the proposed offering are yet to be determined, awaiting the SEC’s review process.
Circle CEO Jeremy Allaire expressed disappointment about the company’s earlier attempt to go public via a special-purpose acquisition company (SPAC) in 2022, which valued the firm at $9 billion. The deal was terminated in December 2022, but Allaire affirmed the company’s commitment to going public despite the setback.
The IPO is expected to proceed after the SEC completes its review process, contingent upon market conditions and other factors, according to Circle. USDC, Circle’s stablecoin pegged to the U.S. dollar, is the second-largest stablecoin in the market, boasting a market cap of approximately $25 billion. It holds the seventh position among all cryptocurrencies, following Tether as the leading stablecoin.
Notably, USDC tokens are backed by cash and cash equivalents, including short-term Treasury bonds. The submission of the IPO application comes at a time when the crypto industry experienced a slump in 2022, marked by declining token prices and increased investor caution.
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