Circle Contemplates 2024 IPO

Stablecoin Giant Circle Mulls Over Public Listing

Nov 08, 2023
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The USDC issuer, valued at $9 billion in 2022, is reportedly considering an IPO in 2024.

Circle, issuer of one of the world’s leading stablecoin (USDC) boasting a market cap exceeding $24 billion, is reportedly contemplating an initial public offering (IPO) in 2024, as per Bloomberg.

The firm has been in discussions with advisers about a potential IPO, according to anonymous sources cited by Bloomberg. These discussions are still ongoing, and it remains uncertain whether Circle will decide to proceed with the listing. The company’s valuation for the IPO is unclear, but it was valued at $9 billion when it attempted to go public via a blank-check deal in 2022. “Becoming a U.S.-listed public company has long been part of Circle’s strategic aspirations. We don’t comment on rumors,” a representative for Circle stated.

In 2021, Circle had agreed to go public through a merger with a Special Purpose Acquisition Company (SPAC) named Concord Acquisition Corp., a blank-check firm led by ex-Barclays Plc chief executive officer Bob Diamond. However, this arrangement fell through last year, leading to the termination of the deal by Circle.

Circle has secured funding from investors such as Goldman Sachs Group Inc., General Catalyst Partners, BlackRock Inc., Fidelity Management and Research LLC, and Marshall Wace LLP. In a 2022 funding round, Circle was valued at $7.7 billion, as reported by Axios at the time.

Earlier this year, Circle disclosed that it had $3.3 billion of exposure to the collapsed Silicon Valley Bank, which briefly caused a depeg of USD Coin. The company plans to share financial reports on an ongoing basis and has appointed Deloitte as an auditor.

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