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- Circle revealed its plans to go public by June this year.
- Circle reported a significant $1.68 billion reserve income by 2024 end.
Stablecoin’s popularity is growing by the day as the pro-crypto US government is backing the assets, praising their potential. Stablecoins have unique applications in the crypto space as they are not susceptible to the volatile nature of cryptocurrencies. The Trump presidency recognized their capability and is taking initiatives to regulate these assets.
The second top stablecoin USDC issuer, Circle recently revealed its plans to file for an IPO. The latest Bloomberg report states that Circle filed an S-1 form with the US SEC. The stablecoin giant is now awaiting the approval of the SEC to trade on the New York Stock Exchange under the ticker symbol “CRCL.”
Is Circle’s $1.68 Billion Revenue Behind IPO Filing?
The aforementioned Bloomberg report also mentioned that Circle revealed its revenue and net profit statistics in the IPO filing. It reported a total revenue of $1.68 billion in 2024, out of which Circle’s net profit is $156 million. This marks a significant change from its previous year’s revenue of $1.45 billion and net profit of $268 million.
Circle’s IPO filing is one of the long-awaited events in the crypto space. It has been making several attempts to go public since 2021. Its first attempt in 2021 with a SPAC merger failed since the company couldn’t complete the SEC’s qualification in time.
The company deliberately delayed its plans to go public in December 2022. This is because Circle and Concord Acquisition Corp mutually agreed to end their business combination due to the lack of SEC recognition. Circle’s revenue growth in 2024 might be the push behind its present IPO filing.
Trump’s favorable environment for stablecoins and cryptocurrencies is also encouraging several crypto companies to go public this year. Ripple, Kraken, and Gemini are also rumored to go public this year. AI platform CoreWeave, which is connected to Bitcoin mining firm Core Scientific, started trading publicly on March 28 this year.
The STABLE Act bill was introduced last week to regulate stablecoins. President Trump has also reiterated the importance of stablecoin regulation several times. Coinbase CEO Brian Armstrong calls on the government to legalize earning stablecoin interest. This marks the perfect time for Circle to go public.
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