Circle Prepares for IPO on NYSE Under SEC Filing

Stablecoin issuer Circle is advancing its plans for an initial public offering (IPO), according to a government filing. The company intends to list its common stock on the New York Stock Exchange using the ticker symbol “CRCL,” pending approval from the U.S. Securities and Exchange Commission (SEC).

Contents

Circle Prepares for IPO on NYSE Under SEC Filing Applying for Public Scrutiny Aspirations and Challenges Road to Listing Financial Performance Risks and Competition

Applying for Public Scrutiny

This filing marks the first time Circle’s operations and financial performance are available for public review. Circle CEO Jeremy Allaire envisions the company leading a new layer of the financial infrastructure built on blockchain technology.

Listing Application: Plans submitted to NYSE via SEC, awaiting regulatory approval.

Proposed Ticker: CRCL.

Aspirations and Challenges

“We think we can create a new defining internet platform company built on the internet financial system,” Circle stated in its S-1 filing—a required document for registering securities with the SEC. “And we believe we are still in the very early stages in the development of this new financial system.”

“Building a new internet financial system, creating major new infrastructure for money and economic activity… well, it’s hard,” CEO Jeremy Allaire acknowledged, noting the complexity of trading in an “evolving ecosystem where innovative technology and highly regulated, legacy financial services are intersecting.”

Road to Listing

The extensive filing details the company’s journey towards its IPO, outlining the inherent challenges within the shifting landscape of crypto and traditional finance intersection.

Financial Performance

Circle highlights significant usage of its flagship stablecoin, USDC. According to the filing, the company’s network has minted approximately $504 billion worth of USDC and redeemed about $464 billion of the stablecoin between January 1, 2021, and December 31, 2024 — with all redemptions being made “one-for-one with the US dollar.”

USDC Metrics (2021-2024): ~$464B redemptions / ~$504B minted.

Adjusted EBITDA for Circle in 2024 reached $284 million, indicating substantial operational profitability, according to the filing.

Risks and Competition

The filing candidly addresses the company’s risk factors, including:

Industry Dynamics: Being in a “rapidly changing and highly competitive industry.”
Growth Dependencies: Operations relying on stablecoin network growth and successful product monetization.
Competitive Threats: The need to continuously innovate and improve products.

The document concludes by noting the filing comes just a week after trading platform eToro announced the filing for its own IPO, suggesting a broader trend in crypto-related listings.

Industry observers also note the prevailing market sentiment for Public blockchain infrastructure. Digital asset firm 10T Holdings CEO Dan Tapiero previously predicted an upcoming “crypto IPO, M&A, SPAC boom.”