Circle Considering IPO in 2024
Circle, the issuer of the USDC stablecoin with a market cap over $24 billion, is reportedly considering an initial public offering in 2024, according to Bloomberg. The company has been in talks with advisers about the potential IPO, although the exact valuation sought is still uncertain. In 2022, Circle attempted to go public through a blank-check deal but was valued at $9 billion at that time.
In 2021, Circle had agreed to go public via a merger with a Special Purpose Acquisition Company (SPAC) called Concord Acquisition Corp., but the arrangement fell through. Despite the setbacks, becoming a U.S.-listed public company has been a long-term strategic goal for Circle. The company declined to comment on the recent rumors about its IPO plans.
Circle’s investors include heavyweights such as Goldman Sachs, Fidelity, and Blackrock. The USDC stablecoin, which previously had a market cap near $56 billion, experienced a significant decline starting in June 2022.
Hot Take: Circle’s Potential IPO
Circle’s potential IPO in 2024 could mark a significant milestone for the company and the broader cryptocurrency industry. If successful, it could provide more transparency and regulatory oversight for stablecoins while also offering new investment opportunities for individuals and institutions alike. However, given the volatility and regulatory uncertainties surrounding cryptocurrencies, the path to an IPO may not be without challenges for Circle.
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