By
Steve Muchoki
April 26th, 2024
Circle Internet Financial confidentially filed for an initial public offering (IPO) in the US.
Circle, a leading financial technology company and the issuer of the popular USDC stablecoin, has taken a significant stride towards becoming a publicly traded entity by confidentially submitting its draft registration statement for an Initial Public Offering (IPO). This move signals the company’s ambition to bring innovative blockchain-based financial services to a broader audience and capitalize on the growing interest in digital assets.
According to the confidential draft S-1 document with the US Securities and Exchange Commission (SEC), the stablecoin issuer is yet to determine the number of shares to be made available to the public and the price range for these offerings. The company stated that the IPO will occur once the SEC concludes its review, contingent on market and other factors.
Circle Is Eager to go Public
Interestingly, this is not the company’s first attempt at being publicly listed. The stablecoin issuer attempted a Special Purpose Acquisition Company (SPAC) deal with Concord Acquisition back in 2022. The $4.5 billion deal later fell through last December when the firm failed to complete the regulator’s qualification on time.
Notably, Circle has been at the forefront of revolutionizing finance through blockchain technology. The company’s platform facilitates the seamless transfer and management of digital assets, bridging traditional finance and the emerging world of Decentralized Finance (DeFi). By submitting a draft registration statement for an IPO, Circle is poised to bring its vision to a wider audience and raise significant capital to fuel its continued growth.
Meanwhile, investors and enthusiasts alike will keenly watch the developments surrounding Circle’s IPO journey. The company’s commitment to transparency, security, and innovation has garnered significant attention in the fintech space. An IPO would not only provide Circle with additional capital but also serve as a testament to the maturation and acceptance of blockchain-based financial services on a global scale.
Circle Stablecoin Expansion Journey Rages On
Interestingly, Circle has been strengthening its presence in Asia, and other countries. The company’s co-founder and CEO Jeremy Allaire has been considering issuing stablecoins in Japan after visiting the country in June 2023.
Likewise, the company was recently registered and regulated in Singapore as a money transfer company that can use digital currencies and transfer money across borders. It is also working on getting authorization in Europe as a digital asset provider.
Based in Boston, Circle has garnered support from prominent players in the financial services sector, such as BlackRock Inc (NYSE: BLK), Goldman Sachs Group Inc (NYSE: GS), and Fidelity Management, among others. Also, Circle (USDC) is available on several blockchains including Ethereum (ETH), Polygon, Stellar Network, and Solana, among many others.
If successful, Circle will rank as the second native crypto firm to go public following the debut of Coinbase Global Inc (NASDAQ: COIN) in the second quarter of 2021.