Circle Internet Financial — the issuer of the USDC +0.06% stablecoin, which has a market cap of over $25 billion — has confidentially filed for an initial public offering of its equity securities under plans to become a publicly traded company.
Circle announced today it has confidentially submitted a draft registration statement S-1 form with the U.S. Securities and Exchange Commission — a common approach for companies seeking to go public, offering them the flexibility to finalize their plans away from the public eye.
Details on share quantity and pricing are yet to be determined, with the launch pending SEC review and subject to market and other conditions, Circle said in a statement.
The company had previously been talking to advisers about a potential IPO, Bloomberg reported in November, citing anonymous sources. "While it’s not clear how much Circle would seek to be valued in an IPO, it was valued at $9 billion when it tried to go public in a blank-check deal in 2022," the report said at the time.
In 2021, Circle agreed to go public through a merger with a Special Purpose Acquisition Company named Concord Acquisition Corp., but that arrangement later fizzled out.
Circle's investors include financial heavyweights like Goldman Sachs, Fidelity and BlackRock.
Circle did not immediately respond to a request for comment from The Block.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.