Circle files for IPO,Aiming to List USDC on NYSE
Circle,the creator of the USDC stablecoin,has submitted it’s initial public offering (IPO) to the U.S.Securities and Exchange Commission.The April 1 filing reveals Circle’s intention to list its Class A common stock on the New York Stock Exchange under the ticker “CRCL.”
Some existing shareholders will also sell shares, though the exact number and price range are not yet disclosed. circle will benefit from the shares it sells directly. JPMorgan and citigroup will handle the IPO, with a 30-day window for additional share purchases.
Circle’s financials show a revenue increase from $1.45 billion in 2023 to $1.68 billion in 2024. Interest on USDC reserves contributed considerably to its profits. However, net income for 2024 dropped to $156.9 million from $271.5 million in 2023, still an improvement from a $761.8 million loss in 2022.
- Salaries: $263.4 million
- Administrative costs: $137.3 million
- IT infrastructure: $27.1 million
The IPO proceeds will fund potential acquisitions, operational growth, and product development. Circle will introduce a three-tiered share structure. Class A shares have one vote each, while co-founders’ Class B shares have five votes each, totaling 30% of voting power. Class C shares are non-voting but convertible under certain conditions.
This IPO is Circle’s first traditional public listing attempt since the cancellation of a $9 billion SPAC merger in 2021. It marks Circle’s push to integrate further into the financial sector as stablecoin adoption grows.
