Circle, the company behind the USDC stablecoin, filed to go public on Tuesday, marking its second attempt to list on the stock exchange. The company, which generates revenue through interest on its reserve assets, reported a rise in revenue for 2024, reaching $1.68 billion, up from $1.45 billion in the previous year. However, Circle’s net income dropped to $156 million, down from $268 million in 2023.
This follows a failed attempt in 2022 to go public through a merger with a Special Purpose Acquisition Company (SPAC). That deal, which would have valued Circle at $9 billion, was abandoned when the U.S. Securities and Exchange Commission (SEC) did not approve the merger within the anticipated timeline.
While the company’s expected valuation for this IPO remains unclear, Renaissance Capital projects that Circle will aim to raise $750 million in the offering. The filing reveals that major investors with over 5% ownership in Circle include Accel, General Catalyst, Breyer, IDG Capital, and Oak Investment Partners.
Circle’s USDC tokens in circulation are valued at approximately $60 billion, according to the filing. The IPO comes at a time when the Trump administration has been notably supportive of the cryptocurrency sector.
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