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Circle Hires JPMorgan, Citi With Plan to File IPO in Late April: Fortune
The issuer of the USDC stablecoin is aiming again to go public after an attempted SPAC merger in 2021 never materialized.
Updated Apr 1, 2025, 1:14 p.m. Published Mar 31, 2025, 3:47 p.m.
What to know:
- Circle has reportedly hired JPMorgan and Citi to lead its planned IPO, which could come prior to June, reported Fortune.
- The USDC stablecoin issuer is targeting a valuation between $4 billion and $5 billion, according to the story.
- Circle’s IPO push follows a failed 2021 SPAC merger attempt, but this time around faces a friendlier regulatory environment.
Circle Internet Financial, the issuer of the USDC stablecoin, has reportedly hired investment banks JPMorgan Chase and Citi as the underwriters of a hoped-for IPO, Fortune reported.
While timing is not yet totally decided, sources say Circle will publicly file its prospectus in late April, meaning a potential IPO perhaps prior to June.
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The company had previously filed confidential paperwork with the U.S. Securities and Exchange Commission (SEC) in January 2024.
Circle in 2021 had attempted to go public via a SPAC merger in 2021, but that attempt was derailed first by an intransigent SEC and then by the crypto collapse of 2022. It ultimately pulled the SPAC deal by the end 2022.
According to people familiar with the matter that spoke with Fortune, Circle is seeking a $4 billion to $5 billion valuation.
CoinDesk reported in July that the company was valued at roughly $5 billion in private secondary markets.
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The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
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