Circle files for Initial Public Offering planned for April

Crypto stablecoin issuer Circle Internet Group has filed with the US Securities and Exchange Commission to go public on the New York Stock Exchange.

The USDC (USDC) issuer is planning to list its Class A common stock under the symbol “CRCL,” according to its April 1 Form S-1 registration statement with the SEC.

Circle’s prospectus does not detail the number of shares to be offered or what its initial public offering target price will be.

The filing also showed that Circle brought in $1.67 billion in revenue for 2024, a 16% year-on-year increase.

Its net income last year was $155.6 million — a 41.8% fall from 2023, while 2022 saw a net loss of $761.7 million.

Circle’s financials over the last three years ended Dec. 31. Source: SEC

The filing also showed that Circle paid nearly $908 million in 2024 to its main distribution partner, Coinbase, to circulate USDC on its crypto exchange.

The hefty cost means Coinbase is making more money off USDC than Circle, Agora CEO Nick van Eck noted.

The high costs partly explain why Circle’s revenue increased while its EBITDA, earnings before interest, taxes, depreciation, and amortization, and net income fell in 2024, said VanEck head of digital asset research, Matthew Sigel.

Over 99% of Circle’s revenue last year came from its stablecoin reserves, the filing showed. The company generates part of its income by holding yield-bearing Treasury bills.

Circle also holds $6.2 million worth of Bitcoin (BTC), $5.6 million in Sui (SUI) and over $3.3 million in Ether (ETH), while also holding Sei (SEI), Aptos (APT) and Optimism (OP).

The firm has previously attempted to go public via a Special Purpose Acquisition Company (SPAC) merger in 2021— which it abandoned in December 2022 — and again in January 2024 via a confidential filing with the SEC.

Related: Circle, Intercontinental Exchange to explore stablecoin integration

Crypto exchange Kraken and blockchain security firm BitGo are among the other industry players also reportedly seeking a public listing either this year or early 2026.

Circle became the first stablecoin issuer to receive regulatory approval in Japan on March 25 — launching USDC on the SBI VC Trade crypto exchange the following day.

USDC is the second-largest stablecoin by market cap at $60.1 billion, trailing only Tether (USDT) at $143.9 billion, CoinGecko data shows.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom