Circle, a prominent player in the world of crypto, is reportedly exploring the possibility of an initial public offering (IPO) in early 2024. This move comes after a previous merger deal worth $4.5 billion fell through in July 2021. While Circle has long harbored ambitions of becoming a U.S.-listed public company, it remains cautious about revealing the specifics of its plans.
The Latest Developments Surrounding Circle’s Potential IPO.
Circle is in discussions with its advisors regarding a potential IPO, but no certainty exists about its eventual public listing. The crypto firm had previously entered into a merger agreement with Concord Acquisition, aiming to go public in July 2021, but the deal did not materialize.
Our Chief Economist @gordonliao & his co-authors were honored at #DCFintechWeek for their research showing how stablecoin use for speculative crypto trading has dropped 90% since 2019. More evidence that $USDC utility era is here. Kudos! https://t.co/XTjxc4Sdjr
— Circle (@circle) November 7, 2023
Circle’s valuation soared to $9 billion in February 2022 after reevaluating its merger arrangement with Concord. As per a Bloomberg report, a Circle representative had told them, “Becoming a U.S.-listed public company has long been part of Circle’s strategic aspirations.”
Despite this, as per data from CoinGecko, the market capitalization of USDC, the stablecoin issued by Circle, witnessed a 56% decrease from its peak in June 2022, dropping from $55.9 billion to $24.6 billion.
Read More: What Happened in Crypto Today?
Source: CoinGecko
Conclusion
Circle’s contemplation of an IPO in early 2024 marks another significant development in the crypto industry. While the details remain shrouded in secrecy, and no official announcement has been made, the mere possibility of this move highlights the evolving landscape of the digital currency market. The funding for Circle has come from known names in the industry, such as BlackRock, Fidelity Management, Goldman Sachs, General Catalyst Partners, and Marshall Wace.
As the crypto sector continues to attract interest from major financial institutions and investors, the journey of companies like Circle will be closely monitored in the years to come.
Source: Cointelegraph
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