Circle in Talks for Early IPO in 2024
Reports have emerged that Circle Internet Financial Ltd, the issuer of stablecoin USDC, is considering an Initial Public Offering (IPO) for 2024. This news follows a failed attempt to go public through a Special Purpose Acquisition Company (SPAC) in 2022.
Potential Valuation and Past Attempts
The exact valuation for the potential IPO is unknown, but in 2022, Circle was valued at $9 billion during its attempt to go public through a blank-check deal. The company had also agreed to a merger with a Special Purpose Acquisition Company named Concord Acquisition Corp. in July 2021, but the deal ultimately did not materialize.
Circle’s Response
In response to inquiries about the potential IPO, Circle’s spokesperson remained tight-lipped, only stating that “Becoming a U.S.-listed public company has long been part of Circle’s strategic aspirations. We don’t comment on rumors.”
About Circle and USDC
Circle is the issuer of USDC, one of the largest stablecoins globally, pegged to the US dollar. It has strong backing from financial heavyweights like Goldman Sachs, Fidelity, and BlackRock. Despite experiencing challenges such as temporary depegging from the US dollar and exposure to a collapsed bank, Circle remains committed to transparency and has engaged Deloitte as its auditor.
Hot Take: Potential Implications of Circle’s IPO
If Circle’s IPO plans materialize, it could mark a significant milestone for both the company and the broader cryptocurrency industry. With its strong connections and credibility, public interest in acquiring shares could be high. Additionally, it might provide an opportunity for investors to be part of an industry leader’s growth and development.
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