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Circle Hires JPMorgan, Citi With Plan to File IPO in Late April: Fortune
The issuer of the USDC stablecoin is aiming again to go public after an attempted SPAC merger in 2021 never materialized.
What to know:
- Circle has reportedly hired JPMorgan and Citi to lead its planned IPO, which could come prior to June, reported Fortune.
- The USDC stablecoin issuer is targeting a valuation between $4 billion and $5 billion, according to the story.
- Circle’s IPO push follows a failed 2021 SPAC merger attempt, but this time around faces a friendlier regulatory environment.
Circle Internet Financial, the issuer of the USDC stablecoin, has reportedly hired investment banks JPMorgan Chase and Citi as the underwriters of a hoped-for IPO, Fortune reported.
While timing is not yet totally decided, sources say Circle will publicly file its prospectus in late April, meaning a potential IPO perhaps prior to June.
STORY CONTINUES BELOW
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The company had previously filed confidential paperwork with the U.S. Securities and Exchange Commission (SEC) in January 2024.
Circle in 2021 had attempted to go public via a SPAC merger in 2021, but that attempt was derailed first by an intransigent SEC and then by the crypto collapse of 2022. It ultimately pulled the SPAC deal by the end 2022.
According to people familiar with the matter that spoke with Fortune, Circle is seeking a $4 billion to $5 billion valuation.
CoinDesk reported in July that the company was valued at roughly $5 billion in private secondary markets.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
