Circle Internet Group Files for an Initial Public Offering (IPO) on the New York Stock Exchange

According to the April 1 Form S-1 filing, the firm plans to list under the ticker CRCL.

Circle Internet Group, the company behind the USDC stablecoin, filed for an initial public offering (IPO) on the New York Stock Exchange. According to the April 1 Form S-1 filing, the firm plans to list under the ticker CRCL.

The document, submitted to the U.S. Securities and Exchange Commission (SEC), did not mention the number of shares or the offer price. The Circle IPO marks another attempt by the company to go public. It previously pursued a SPAC merger in 2021, which was canceled in December 2022. In January 2024, Circle submitted a confidential filing to the SEC.

The filing comes as other crypto firms, including Kraken and BitGo, are also preparing for potential listings.

Circle Revenue Reached $1.67 Billion in 2024

The Circle financials showed $1.67 billion in revenue for 2024, a 16% increase from the previous year. However, net income fell by 41.8%, decreasing to $155.6 million. In 2023, Circle earned more, while in 2022, it reported a net loss of $761.7 million.

One key cost listed in the filing was $908 million paid to Coinbase in 2024. Coinbase is Circle’s main partner in distributing USDC. This cost was higher than Circle’s own profits from the stablecoin.

Agora CEO Nick van Eck made an observation that Coinbase was making more money from the USDC stablecoin circulation than Circle was.

Matthew Sigel, head of digital asset research at VanEck, elaborated on the matter. He explained that high distribution costs impacted both Circle’s EBITDA and net income.

Over 99% of Circle Revenue Came From Stablecoin Reserves

The filing revealed that over 99% of Circle’s revenue came from its stablecoin reserves. Circle holds assets like Treasury bills to generate income tied to USDC.

The company’s balance sheet also included crypto holdings. Circle owns $6.2 million in Bitcoin, $5.6 million in Sui, and $3.3 million in Ether. Other holdings include Aptos, Sei, and Optimism. However, these do not represent the main revenue source.

Circle continues to use stablecoin reserves to earn most of its income. No change in strategy was outlined in the filing.

USDC Circle’s Public Listing Follows International Expansion

Recently, Circle expanded internationally. On March 25, it became the first stablecoin issuer approved in Japan. The next day, USDC went live on SBI VC Trade, a local crypto exchange.

The USDC stablecoin is currently the second-largest by market cap. According to CoinGecko data, it holds a $60.1 billion market cap. Tether (USDT) leads with $143.9 billion.

While the IPO filing focused on U.S. financial data, the listing follows this regulatory milestone in Japan. The Circle public listing adds to the list of crypto firms entering public markets.