- Circle’s IPO Filing:
- Fintech firm Circle has confidentially filed with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO).
- Submission of Draft Registration:
- Circle, the issuer of the USDC stablecoin, has submitted a draft registration statement on Form S-1 with the SEC for its IPO.
- Massachusetts-Headquartered Company:
- The Massachusetts-headquartered company’s IPO is expected to commence once the SEC’s review process is complete.
- Previous IPO Attempt:
- Circle’s current IPO filing marks its second attempt at going public. The company had initially planned an IPO in 2022 via a merger with special purpose acquisition company Concord Acquisition Corp, but the SEC failed to approve the deal before the deadline, leading to its cancellation in December of that year.
- Details of IPO:
- The filing does not disclose the price point of Circle’s IPO or the number of shares it plans to offer.
- Changing Landscape in Crypto Industry:
- The renewed effort for an IPO comes amid changing dynamics in the US cryptocurrency industry, notably with the SEC’s approval of Bitcoin-based exchange-traded funds (ETFs) in the country.
- Coinbase’s Stake in Circle:
- Cryptocurrency exchange Coinbase, which acquired a minority stake in Circle in August, reported a surge of almost 400% in its value in 2023 and expanded its services into Canada.
- Recent Regulatory Approval in France:
- Circle recently secured a conditional Digital Asset Service Provider (DASP) registration from the French Financial Markets Authority (AMF), marking the beginning of its operations in France. The company aims to become a licensed payment service provider (PSP) in the country.
