Circle Reportedly Hires Bank to Assist with IPO, Expected to Submit Listing Documents by End of April

Circle Internet Financial Moves Forward with IPO Plans

According to a report by Fortune citing two informed sources, Circle Internet Financial, the issuer of the second-largest dollar stablecoin USDC, is advancing its plans for an IPO (Initial Public Offering) in collaboration with investment banks JPMorgan Chase and Citigroup.

While the specific timing of the IPO remains unclear, insiders revealed that Circle plans to publicly file its listing documents by the end of April. Generally, when a company submits such documents, its stock begins trading approximately four weeks later, although some companies may experience registration timelines that stretch for months.

Circle’s issuance would mark the largest cryptocurrency IPO since cryptocurrency exchange Coinbase went public through a direct listing in 2021. Regulatory documents indicate that JPMorgan and Citigroup were also part of the financial advisory team during Coinbase’s listing.

Circle had previously attempted to go public via a special purpose acquisition company (SPAC) transaction, but that plan was terminated in December 2022. In January 2024, reports surfaced that Circle had secretly submitted its IPO application in the U.S.

According to one insider, Circle is seeking a valuation of between $4 billion and $5 billion for its IPO, a decrease from the $9 billion valuation it previously sought through the SPAC transaction.