Monday, March 4, 2024

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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.
  • 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.

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