Circle Partners with JPMorgan and Citigroup, Aiming to Submit IPO Documents by April
Circle Advances Long-Term Plans for IPO
Stablecoin issuer Circle is advancing its long-term plans for a public stock listing. According to a report by Fortune, Circle is collaborating with investment banks JPMorgan and Citigroup for its long-awaited Initial Public Offering (IPO), which is expected to publicly file for listing in late April.
Circle Aims to Submit Listing Documents in April
Sources indicate that Circle’s goal is to publicly submit the documents for this issuance in late April. When a company submits these documents, its stock typically begins trading about four weeks later, although some companies may wait several months or more.
This marks Circle’s second attempt to go public. In Q4 2021, Circle sought to go public through a merger with the special purpose acquisition company Concord Acquisition Corp, but ultimately announced the termination of the plan at the end of 2022. Subsequently, the cryptocurrency market faced a downturn and the Silicon Valley Bank crisis caused the market value of USDC to drop from a peak of $56 billion, plummeting to a low of $24 billion.
In January 2024, Circle secretly submitted a traditional IPO application to the U.S. Securities and Exchange Commission. However, the public filing will provide investors with a deeper insight into Circle’s financial status and mark the final step toward its stock market debut. Chain News previously analyzed Circle’s business model based on the information submitted in 2022, revealing that Circle still had many outside investments and extremely high personnel and administrative expenses, resulting in a situation of operating at a loss.
Is Stablecoin a Good Business? Insights from Circle’s Financial Reports
The market value of stablecoins continues to grow, will Circle successfully go public?
Circle’s issuance will be the largest crypto IPO since Coinbase’s in 2021. JPMorgan and Citigroup were also part of the financial advisory team for Coinbase’s listing at that time.
The market value of stablecoins is soaring. Market leader Tether’s USDT market value has reached $144 billion, while Circle has also recently surged, with USDC’s market value hitting $60 billion, finally breaking free from the previous low caused by the Silicon Valley Bank run, and reaching a historical new high. Additionally, one of Circle’s key revenue sources, U.S. Treasury yields, is currently at a high of nearly 4.3%, which helps to enhance Circle’s reported financial revenue figures.
So far this year, 73 companies have gone public on U.S. exchanges, representing a 70% increase compared to 2024. According to Dealogic data, the total value of these transactions is $11.8 billion, a 39% increase compared to the same period in 2024. Several well-known companies, including eToro, Stubhub, and Klarna, have also applied for listings.
The probability of Circle IPOing by the end of 2025 on Polymarket has risen to 85%.
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