Circle Announces Plans for Public Offering
Circle, the prominent U.S.-based issuer of stablecoins, is set to make a significant move by going public. The company has officially filed an S-1 form with the Securities and Exchange Commission (SEC) on Tuesday, paving the way for its initial public offering (IPO). If the SEC grants approval, Circle’s shares will be traded on the New York Stock Exchange under the ticker symbol CRCL.
As of the end of 2024, Circle reported a remarkable reserve income of $1.7 billion derived from managing its stablecoin-related reserves. This impressive figure accounts for a staggering 99.1% of the company’s total revenue. Circle is widely recognized for its creation of USDC, which currently stands as the second-largest stablecoin by market capitalization, boasting an impressive supply of $60 billion. The anticipation surrounding Circle’s IPO has been palpable, marking it as one of the most awaited events in the cryptocurrency sector.
Circle is not alone in its ambitions to enter the public market. Another notable player in the crypto-adjacent space, the Artificial Intelligence (AI) firm CoreWeave (CRWV), has also recently made headlines. CoreWeave, known for its robust business relationship with the bitcoin mining company Core Scientific (CORZ), began trading on the public market on March 28, adding to the growing trend of crypto-related companies seeking to establish a presence in public markets.
