Circle, the issuer of the USDC stablecoin, is accelerating its plans to go public by partnering with top-tier investment banks JPMorgan Chase and Citi as underwriters. Fortune media outlet reported that the firm is preparing to file its IPO registration documents in late April, with a potential listing as early as May.
Circle Plans IPO
The IPO move is a renewed effort by Circle to transition from its previous, stalled SPAC merger attempt in 2021 to a traditional IPO route. After earlier setbacks from regulators and market volatility, Circle is taking steps toward a public offering when market conditions seem more favorable for crypto companies.
Circle’s strategy to partner with established financial institutions notably highlights an ongoing trend of crypto firms collaborating with traditional finance. USDC being the second most widely used stablecoin in the crypto market, following Tether, could make the IPO a significant milestone for the company and the stablecoin sector.
If approved, the filing, which was confidentially submitted to the U.S. Securities and Exchange Commission (SEC) earlier this year, may set the stage for the company’s public debut. Although little is known about the precise valuations, insiders suggest that the listing could position Circle between $4 billion and $5 billion.
Circle’s CEO, Jeremy Allaire, has previously emphasized the firm’s commitment to building trust and stability within the crypto industry. The firm’s renewed IPO efforts signal a move to leverage the traditional capital markets and the crypto industry’s maturation. Notably, regulatory clarity is improving, and institutional investors are gaining confidence in crypto.
Other Crypto Firms Plan to Go Public
Other crypto firms actively pursue public listings to capitalize on market opportunities and enhance their competitive positions. South Korean crypto exchange Bithumb plans to go public on the NASDAQ stock exchange in the second half of 2025. The company has selected Samsung Securities as its underwriter and aims to regain market trust.
Similarly, Israeli trading platform eToro has confidentially filed for a U.S. IPO, targeting a valuation exceeding $5 billion. This move follows a previous attempt to go public via an abandoned SPAC merger in 2021. The company plans to list on the Nasdaq under the ticker “ETOR,” with lead underwriters including Goldman Sachs, Jefferies, UBS, and Citigroup.
