Circle, the stablecoin maestro behind USDC, is aiming for a public debut. A newly filed S-1 form reveals the firm has officially requested to list on the New York Stock Exchange under the ticker CRCL, pending regulatory nods from the SEC.
This filing marks the first peek under the hood at Circle’s financials. In its S-1, Circle stated its ambition to become “a new defining internet platform company” built on the burgeoning internet financial system, while acknowledging the nascent stage of this sector’s development.
CEO Jeremy Allaire described their path as navigating a complicated landscape where cutting-edge tech meets traditional finance, leading to “challenges and uncertainties.” He added that constructing this novel financial framework, influencing policy, and managing global economic factors is undeniably “hard.”
The numbers in the filing show some serious coin movement: between January 1, 2021, and December 31, 2024, Circle minted around $504 billion USDC and processed roughly $464 billion in redemptions, always maintaining a one-to-one dollar backing.
For 2024, Circle reported adjusted EBITDA of $284 million. As is standard in IPO paperwork, the risk factors section highlights the usual suspects: a fast-evolving, competitive market, the need to expand the USDC network and find ways to profit from it, and the constant pressure to innovate their product line.
Circle’s move follows trading platform eToro’s IPO filing from last week. Adding fuel to the fire, 10T Holdings CEO Dan Tapiero recently predicted a surge in crypto IPOs, mergers, and SPAC activity in the near future.