Circle gears up for second attempt at IPO with new SEC filing
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.
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.