Overview

• Circle Internet Financial officially filed an S-1 with the SEC to pursue an initial public offering on the New York Stock Exchange under the ticker 'CRCL.'
• JPMorgan Chase and Citigroup are serving as lead underwriters for the offering, with Circle aiming for a valuation between $4 billion and $5 billion.
• The company generated $1.7 billion in revenue in 2024, with 99% derived from interest income on USDC stablecoin reserves.
• This marks Circle's second attempt to go public after a failed SPAC merger in 2022 due to regulatory delays.
• USDC, the second-largest stablecoin with a $60 billion market cap, is a cornerstone of Circle's business, facing competition from Tether and other emerging stablecoins.