Overview

• Circle Internet Financial has officially submitted its S-1 registration statement to the SEC for an initial public offering (IPO).
• The company intends to list on the New York Stock Exchange under the ticker symbol 'CRCL,' aiming for a valuation of $4-5 billion.
• JPMorgan Chase and Citigroup will serve as lead underwriters for the IPO, which could occur as early as June 2025, subject to SEC approval and market conditions.
• Circle's revenue is heavily reliant on interest income from reserves backing its USDC stablecoin, which accounted for over 99% of its $1.7 billion revenue in 2024.
• This marks Circle's second attempt to go public after a failed SPAC merger in 2022, reflecting its push for greater transparency and mainstream financial integration.