Circle Internet Group filed for a long-awaited initial public offering with the US Securities and Exchange Commission on April 1. In its S-1 form, the company outlined plans to list its stock on the New York Stock Exchange under the symbol CRCL.
The firm, which issues the second-largest stablecoin by market capitalization, USDC, also posted steadily increasing revenue. Circle reported a net income of $156 million on revenue of $1.68 billion in 2024, compared with a net income of $268 million on $1.45 billion in revenue the previous year.
Circle’s Long-Awaited IPO
“Going public now is representative of the fact that we are at a significant crossroads for Circle and the development of the internet financial system,” said Circle CEO Jeremy Allaire in a letter to investors that was included in the prospectus.
“While we are proud and confident about our ability to pursue this opportunity, our future (like our past) is rife with uncertainties and risks that we must navigate successfully,” he added.
Circle’s public offering has been one of the most anticipated in the crypto industry, as it has been trying to do so for years. Details of the firm’s share sale, including the proposed price range and the number of shares, were not disclosed and will be disclosed in a later filing.
“For Circle, becoming a publicly traded corporation on the NYSE is a continuation of our desire to operate with the greatest transparency and accountability possible,” said Allaire, who added:
“We are building what we believe to be critical infrastructure for the financial system, and we seek to work with leading companies and governments around the world in shaping and building this new internet financial system.”
USDC is the second-largest stablecoin behind Tether’s USDT, with a circulation of $60 billion and a market share of around 25%. Tether, which boosted its Bitcoin reserves with a $735 million purchase this week, remains the clear industry leader with a 60% market dominance.
Trump Son’s Mining Firm Plans IPO
In related news, a crypto mining venture announced this week between Hut 8 and an investor group that includes two sons of US President Donald Trump, called American Bitcoin Corp., also announced plans to go public eventually.
Hut 8 CEO Asher Genoot told Bloomberg on April 1 that, in the long term, it would be seen as two sister publicly traded companies.
Eric Trump, who co-founded American Bitcoin, said, “By combining Hut 8’s proven operational excellence in data centers with our shared passion for Bitcoin and decentralized finance, we are poised to strengthen our foundation and drive significant future growth.”
