Circle, the company behind the USDC stablecoin, has filed for an initial public offering (IPO) on Tuesday, according to the Securities and Exchange Commission (SEC), and plans to list on the New York Stock Exchange as early as June. According to Fortune, Circle has hired investment JP Morgan Chase and Citi as underwriters.
Circle aims for a valuation between $4 billion and $5 billion, according to media reports. In January 2024, the company had announced it was relaunching its plans to go public after delaying a planned IPO in December 2022.
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The stablecoin issuer stated in a press release, that it confidentially filed paperwork for an IPO with the SEC. The company said that the number of shares to be offered and their price range had yet to be determined, and that the IPO was expected to happen once the SEC conducted a review, “subject to market conditions.”
While the company had originally stated its plans to go public, back in July 2021, via special purpose acquisition company (SPAC) combination with Concord Acquisition Corp, those plans got delayed. This was due to a mutual agreement between Circle and Concord, end their proposed business combination because the SEC had not declared the S-4 registration statement for the business combination effective.
“We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circle’s core strategy to enhance trust and transparency, which has never been more important,” Circle co-founder and CEO Jeremy Allaire said at the time in a press release.
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In 2023, Allaire said “We never expected the SEC registration process to be quick and easy. We’re a novel company in a novel industry.”
On March 28, Circle said that it is teaming up with Intercontinental Exchange (ICE), the operator of the New York Stock Exchange (NYSE), to explore the use of Circle’s USDC stablecoin to develop new products and solutions for ICE’s customers.