Stablecoin network Circle Internet Group has officially filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO) of its Class A common stock.
The company operates a stablecoin network and issues USDC and EURC stablecoins through regulated affiliates.
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It did not disclose the number of shares and the price range for the proposed offering.
The company has applied to list its stock on the New York Stock Exchange under the ticker symbol “CRCL.”
J.P. Morgan is the lead left active bookrunner for the offering, with Citigroup as the lead right active bookrunner.
Barclays, Deutsche Bank Securities, and SG Americas Securities are serving as bookrunners, while BNY Capital Markets, Canaccord Genuity, Needham & Company, Oppenheimer & Co, and Santander as co-managers for the IPO.
Circle reported a revenue and reserve income of $1.68bn last year, an increase from $1.45bn in 2023.
However, net income from continuing operations decreased to nearly $157m in 2024 from $271.5m in the preceding year.
In 2021, Circle pursued a listing through a special-purpose acquisition company (SPAC) merger, which did not proceed due to the SEC’s non-approval.
The company ditched this approach at the end of 2022 and confidentially filed for an IPO in January 2024.
Circle also relocated its headquarters from Boston to New York in September 2024 and plans to establish a new headquarters in One World Trade Centre in early 2025.
