Circle is Gunning for Public Listing in 2024: Report
- Circle is in talks with advisors for a possible initial public offering (IPO) in 2024.
- The firm has plans to go public, but there is no guarantee that deliberations will result in a public listing.
- “Becoming a U.S.-listed public company has long been part of Circle’s strategic aspirations,” a source said.
- The firm first tried to go public in 2021 via a merger with blank-check company Concord Acquisition Corp.
Circle, the firm behind USDC, the second-largest stablecoin by market capitalization, has plans to go public in 2024, following an initial public offering (IPO), as per recent reports. The firm did try a similar move a few years ago, post-merger with Concord, but was unable to successfully complete its goals.
As per a report from Bloomberg published on November 7, Circle is currently engaged in a discussion with its advisors about a possible IPO, but sources with knowledge of the matter said that there is no guarantee that deliberations will result in a public listing. “Becoming a U.S.-listed public company has long been part of Circle’s strategic aspirations,” a representative told Bloomberg.
Meanwhile, the stablecoin issuer remained quiet on the details of this report, with a representative stating, “We don’t comment on rumors.” A potential IPO would make Circle the first stablecoin issuer to go public in the United States, a feat that even the issuer of USDT, the largest stablecoin by market capitalization, has been unable to achieve.
An IPO would mean that Circle would, for the first time, provide its shares to the public, which are currently owned privately. Interestingly, going public would also bring more scrutiny and regulations, which would be beneficial for the digital asset sector considering the fact that Tether has been accused multiple times in the past of erroneous reporting of its reserves.
Interestingly, Circle first planned to go public in 2021 after a $4.5 billion merger with blank-check company Concord Acquisition Corp. Both firms would be owned by a new Irish holding company, and the shares were to be listed on the New York Stock Exchange (NYSE) under the ticker “CRCL.” Around 86% of the ownership of the public entity was to be placed in the hands of the stockholders. However, the deal collapsed, and the plan was scrapped.
As reported earlier by Bitnation, the largest crypto exchange in the United States, Coinbase, acquired a minority stake in Circle Internet Financial. Also, six more blockchains were reported to gain native support for the USDC, bringing the total number of blockchains to 15. The stablecoin issuer also partnered with Citizens Trust Bank to promote financial inclusion in the greater Atlanta area.