Stablecoin issuer Circle taps JP Morgan Chase, Citi ahead of its planned IPO filing in late April: report
Quick Take
- Circle enlisted the help of two of the largest investment banks ahead of its 2025 IPO plans, reported Fortune.
- The stablecoin issuer intends to file sometime in late April, but those plans could change.
- Circle previously attempted to go public via a SPAC merger in 2021 as well as confidential filing with the SEC in 2024.
The stablecoin issuer Circle Internet Financial enlisted the help of JP Morgan Chase and Citi, two of the biggest investment banks based in the United States, for a forthcoming initial public offering this year, Fortune reported, citing two people familiar with the matter.
Circle intends to file sometime in late April, but that plan could change, Fortune's reporting continues. And while Circle's could trade four weeks after the public filing, it could take much longer depending on its registration status.
Circle has previously attempted to go public, once via a Special Purpose Acquisition Company (SPAC) merger in 2021, and again in 2024 following a confidentially submitted draft S-1 registration filing with the SEC in 2024.
Circle joins other crypto industry heavyweights in planning to go public under a crypto-friendly presidential administration and Securities and Exchange Commission. Crypto exchanges Kraken and Gemini, as well as the crypto custodian BitGo, have all revealed plans to go public within this year or the next, The Block previously reported.
Circle issues USDC, which, according to The Block's Data Dashboard, is the second-largest USD-pegged stablecoin by market supply behind Tether's USDT.
JP Morgan Chase declined to comment on the matter. The Block also contacted Citi and Circle for comment.
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