According to breaking news, USDC issuer Circle has officially filed for an IPO.
The filing with the U.S. Securities and Exchange Commission (SEC) is Circle’s second attempt to go public after a failed merger with a special purpose acquisition company (SPAC) in late 2022 due to regulatory hurdles.
Circle has reported steady revenue growth in recent years. The company is projecting $1.68 billion in revenue and reserves in 2024, up from $1.45 billion in 2023 and $772 million in 2022. However, net income is down to $156 million in 2024 from $268 million the previous year. In a strategic shift, Circle announced that it will move its headquarters from Boston to One World Trade Center in New York in 2023, bringing it closer to global financial centers.
If successful, Circle’s IPO would position it as one of the most prominent cryptocurrency-native companies to go public in the U.S., following in the footsteps of Coinbase, which debuted via direct listing in 2021 and currently has a market cap of around $44 billion.
But Circle is entering the public markets at a time of heightened volatility for tech stocks. The Nasdaq recently suffered its steepest quarterly decline since 2022 and the tech IPO market has been stagnant for more than three years. However, recent filings from firms like Klarna, Hinge Health and StubHub point to a potential revival.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/breaking-stablecoin-giant-circle-officially-files-for-ipo/