Circle files S-1 ahead of long-awaited IPO

Circle filed a public prospectus with the SEC in one of its first steps to going public

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Stablecoin issuer Circle has taken a step toward going public.

Circle plans to list its stock on the New York Stock Exchange pending SEC approval, a Tuesday filing shows. It would trade under the ticker CRCL.  

“We think that we can create a new defining internet platform company that is built on the internet financial system,” Circle wrote in its S-1 — a form used to register securities offerings with the SEC. “And we believe that we are still in the very early stages in the development of this new financial system.” 

Circle CEO Jeremy Allaire said that the stablecoin firm’s journey is complex, having to navigate an “evolving ecosystem where innovative technology and highly regulated, legacy financial services are intersecting in ways that will give rise to challenges and uncertainties.” 

Allaire added: “Building a new internet financial system, creating major new infrastructure for money and economic activity, shaping and responding to policy, and operating this infrastructure in a complex global macro environment — well, it’s hard.”

The filing represents the first time Circle’s finances are available for public review.

Circle reports minting roughly $504 billion of USDC and redeeming about $464 billion of USDC from Jan. 1, 2021 to Dec. 31, 2024 — “redemptions that have always been one-for-one with the US dollar,” the company wrote. 

Adjusted earnings before income tax, depreciation or amortization (EBITDA) for 2024 came out to $284 million, per the filing.  

In the risk factors section of the filing, Circle warned that it operates in a “rapidly changing and highly competitive industry, and our results of operations and future prospects depend in part on the continued growth of the Circle stablecoin network, our ability to monetize the Circle stablecoin network, and our ability to innovate and create successful new products and services and improve existing products and services.”

Risk factor sections are normal in these types of SEC filings. 
Circle’s filing comes about a week after trading platform eToro filed for an IPO.

10T Holdings CEO Dan Tapiero said at last month’s Digital Asset Summit that he’s expecting “a crypto IPO, M&A, SPAC boom” in the coming months


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