USDC issuer Circle eyes IPO in 2024

Circle Internet Financial — the issuer of the stablecoin USDC — is weighing an initial public offering early in 2024, according to people familiar with the matter cited by Bloomberg.

According to sources familiar with the matter, the firm has begun talks with advisers. Goldman Sachs, General Catalyst and BlackRock could organise the equity offering.

Discussions are ongoing, and there is no certainty that Circle will ultimately become a publicly traded company in the United States.

“Going to the stock market has long been among the company’s strategic objectives. We do not comment on rumors,” — the spokesperson said.

In July 2021 the firm announced that it would become a public company via a reverse merger with Concord Acquisition Corp. It was reported that its shares would be listed on the New York Stock Exchange under the ticker CRCL.

In late 2022 Circle abandoned the deal with a SPAC. This was preceded by the collapse of FTX, which worsened market conditions in the digital-asset space and cooled Wall Street’s interest in crypto firms.

The valuation prior to the merger was $4.5 billion, but in February 2022 the amount rose to $9 billion. The boards of the two companies also approved a new agreement. The deal was planned to close by December 8, with the possibility of extending the timetable to January 31, 2023.

Earlier in February 2023, CFO Jeremy Fox-Jean emphasized that the firm has not abandoned plans to go public, awaiting improved market conditions.

In August Coinbase bought a minority stake in Circle Internet Financial.

Under the agreement, the Center consortium, which was run by both companies, will be dissolved. It was responsible for issuing USDC; going forward, Circle will handle the issuance alone.