Circle taps JPMorgan and Citi for IPO bid, plans to file in late April

Key Takeaways

Circle is planning an IPO in late April with JPMorgan and Citi as partners.
The USDC issuer aims for a $4 to $5 billion valuation in one of 2024’s largest crypto offerings.

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Circle, the company behind USDC, one of the world’s leading stablecoins, is collaborating with JPMorgan Chase and Citi as it’s ramping up its IPO plan, Fortune reported Monday, citing two sources with knowledge of the banks’ involvement.

Circle may publicly submit IPO paperwork in late April, according to sources.

After the public filing, it often takes around 4 weeks for shares to start trading. However, the timeline will depend on various factors and is subject to change.

The latest development comes after Circle confidentially filed for a US IPO earlier this year, confirming the firm’s renewed attempt to go public after abandoning the plan in 2022 due to unfavorable market conditions and scrutiny by the SEC, under former Chair Gary Gensler.

The largest crypto IPO to date is Coinbase, which went public in April 2021 via a direct listing on Nasdaq. Coinbase made its US market debut with an initial valuation of approximately $86 billion.

JPMorgan and Citi also previously supported Coinbase’s public listing plan.

As a key player in the stablecoin market and the largest audited stablecoin issuer, Circle’s anticipated IPO is projected to be the largest in the crypto space since Coinbase’s market debut.

The company is seeking a valuation between $4 billion and $5 billion for its IPO, according to one source familiar with the matter.

Circle first announced its intent to go public in July 2021 through a merger with Concord Acquisition Corp, a special-purpose acquisition company (SPAC). The deal initially valued Circle at $4.5 billion.

In February 2022, the agreement was amended, doubling the valuation to $9 billion due to improved financial performance and market share, particularly with USDC, which had grown to a market capitalization of nearly $52 billion at that time. However, the SPAC deal was terminated in December 2022.

USDC’s current market cap is around $60 billion, up 18% over the past year, according to CoinGecko.

Despite the unsuccessful SPAC merger, Circle CEO Jeremy Allaire affirmed that going public remains a core strategic goal to enhance trust and transparency.

The BlackRock-backed fintech has indeed put tremendous efforts into well-positioning itself for the IPO. Last September, it announced plans to relocate its global headquarters from Boston to New York City, opening offices at One World Trade Center in early 2025.

This move was a sign of an intent to integrate more deeply into traditional finance—a narrative that could appeal to IPO investors.

In an October statement, Allaire said that the company did not need extra funding for its IPO plans, citing robust financial health.

Crypto IPOs are expected to flourish under the Trump administration. Trump has openly supported crypto innovation, promising to make the US the “crypto capital of the planet” and to overhaul regulatory frameworks that have stifled the industry under previous administrations.

Gemini, Kraken, eToro, and Bullish are among the firms that have reportedly initiated plans to go public, taking advantage of this favorable environment.

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