Circle Internet Group Files for IPO on NYSE
Circle Internet Group, the company responsible for issuing the USDC stablecoin, has filed an application with the Securities and Exchange Commission (SEC) to list its shares on the New York Stock Exchange. The plan is to make Class A common shares available under the ticker “CRCL.”
Despite the move towards the public market, the document submitted to the SEC does not specify the number of shares to be offered nor the estimated value per unit. Market expectations revolve around the potential impact that the IPO could have on the stablecoin sector and on the institutional adoption of USDC itself.
According to Form S-1, Circle reported revenue of $1.67 billion in 2024, up 16% from the previous year. However, the company’s net income fell 41.8% in the same period, totaling $155.6 million. In 2022, Circle had reported a loss of more than $761 million.
The report also revealed that nearly $908 million was transferred to Coinbase over the past year. The exchange is the primary distribution channel for USDC, which has drawn attention from experts to Circle’s dependence on this trading relationship. As Agora CEO Nick van Eck noted, “Coinbase is making more money on USDC than Circle is.”
Matthew Sigel, from VanEck, attributed the drop in profit to the increase in these operating costs, which contributed to the reduction in the company’s EBITDA. According to the document, more than 99% of Circle’s revenue came from stablecoin reserves, which generate income through investment in US Treasury bonds.
Circle also reported holding cryptocurrencies such as Bitcoin, Ether, Sui and others, totaling millions of dollars in digital assets. Among the notable holdings are $6.2 million in BTC, $3.3 million in ETH and $5.6 million in SUI.
This is not the company’s first attempt to enter the stock market. In 2021, Circle attempted to go public via a merger with a SPAC, but the process was closed at the end of 2022. In January of this year, a new attempt was made through a confidential registration with the SEC.