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Circle IPO Timing: When Will USDC Stablecoin Provider Go Public?

Published June 7, 2024 3:12 PM
James Morales
Published June 7, 2024 3:12 PM

Key Takeaways

  • Circle filed an S-1 form with the SEC in January, indicating that it plans to go public.
  • Applications typically take a minimum of six months to be approved.
  • Circle’s recent move to relocate its legal base to the US suggests the IPO could be imminent.

After a deal to list on the New York Stock Exchange fell through in 2022, intense speculation has surrounded the timing of Circle’s planned IPO. 

In a sign that the long-awaited public float could be imminent, last month, the stablecoin issuer applied to move its legal domicile from Ireland to the US. 

Will Circle IPO by July?

When Circle submitted its IPO proposal to the Securities and Exchange Commission in January, it was widely reported that the firm was aiming to go public in the second half of 2024.

Assuming relocation is a precondition for its IPO, Circle could trigger the event as soon as the necessary paperwork is finalized. The processing of legally relocating a business typically takes around 8 weeks, which means Circle could be registered in the US by mid-July.

However, as a general rule of thumb, after a firm files its S-1 form with the SEC, six months is the minimum amount of time that passes before it floats.

Considering Circle has yet to confirm any details publicly, let alone publish a prospectus, July seems optimistic. 

Circle IPO Details

Until Circle confirms further details, the best way to gauge how it might proceed with an IPO is to consider its previous failed SPAC deal. 

In 2022, Concord Acquisition Corp was on course to acquire Circle for $9 billion  with Class A common stock priced at  $11.50 per share.

While Circle doesn’t publish its earnings, the majority of these stem from USDC reserves, which have increased since early 2022.

In the intervening period, interest rates have remained high, the global stablecoin market has matured, and Circle has forged important strategic business partnerships. Given these factors, Circle’s valuation would likely be even higher today.

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