Circle Prepares for Potential IPO with Major Underwriters

According to CoinDesk, Circle Internet Financial, the company behind the USDC stablecoin, has engaged investment banks JPMorgan Chase and Citi as underwriters for a potential initial public offering (IPO). While the exact timing remains uncertain, sources indicate that Circle plans to publicly file its prospectus by late April, suggesting a possible IPO before June. This move follows Circle's previous confidential filing with the U.S. Securities and Exchange Commission (SEC) in January 2024. Circle's journey to go public has faced challenges in the past. In 2021, the company attempted to enter the public market through a special purpose acquisition company (SPAC) merger. However, this effort was thwarted by regulatory hurdles from an unyielding SEC and the subsequent cryptocurrency market downturn in 2022. As a result, Circle withdrew from the SPAC deal by the end of 2022. Now, with renewed efforts, Circle is reportedly aiming for a valuation between $4 billion and $5 billion, according to individuals familiar with the situation who spoke with Fortune. CoinDesk previously reported in July that Circle was valued at approximately $5 billion in private secondary markets.