Circle Tap JP Morgan and City will submit in late April for IPO bids

Key takeout

Circle plans to operate an IPO in late April with JPMorgan and Citi as partners. The USDC publisher is one of the biggest crypto products of 2024, aiming to be valued at $4-5 billion.

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The Circle, the company behind USDC, one of the world’s leading stub coins, is working with JPMorgan Chase and Citi as it is bolstering its IPO plans.

Sources say the circle will be able to publish IPO documents in late April.

It often takes about four weeks for the stock to begin trading after it is published. However, timelines may depend on a variety of factors and may change.

The latest development comes after Circle secretly submitted it to the US IPO earlier this year and confirmed the company’s new attempts that were released after abandoning the plan in 20122, and then abandoning the plan in 2022, under former chairman Gary Gensler.

The largest cryptographic IPO to date is Coinbase, published in April 2021 via Nasdaq’s direct listing. Coinbase made its US market debut at approximately $86 billion at its initial valuation.

JPMorgan and Citi previously supported Coinbase’s public listing plans.

As a leading player and the largest audited Stablecoin publisher of Stablecoin, Circle’s expected IPO is projected to be the largest in the crypto space since Coinbase’s market debut.

Sources familiar with the issue say the company is seeking a valuation of between $4 billion and $5 billion for the IPO.

Circle first announced its intention to be made public in July 2021 through a merger with Concord Acquisition Corp, a special purpose acquisition company (SPAC). The deal initially valued the circle at $4.5 billion.

In February 2022, the contract was amended, doubling the valuation to $9 billion, particularly thanks to improved financial performance and market share with USDC, which had grown to a market capitalization of nearly $520 billion at the time. However, SPAC trading ended in December 2022.

According to Coingecko, USDC’s current market capitalization is around $60 billion, an increase of 18% over the past year.

Despite the failed SPAC merger, Circle CEO Jeremy Allerle confirmed that being exposed remains a core strategic goal for increasing trust and transparency.

Fintech, backed by BlackRock, actually puts a great deal of effort into being well positioned for IPOs. Last September, they announced plans to move from Boston to New York City, the Global Head Office, which will open an office at the One World Trade Center in early 2025.

The move was a sign of intention to integrate more deeply into traditional finance. This is a story that can appeal to IPO investors.

In an October statement, Allaire said the company does not require additional funds for its IPO plans, citing robust financial health.

Crypto IPOs are expected to thrive under the Trump administration. Trump is openly supporting crypto innovation, pledging to make the United States “planetary crypto capital” and overhaul the regulatory framework that has thwarted the industry under previous control.

Gemini, Kraken, Etoro and Bullish are among the companies that reportedly began plans to use this favourable environment to publish.

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