The issuer of the USDC stablecoin has reportedly engaged investment banks JPMorgan Chase and Citi to serve as underwriters for a potential IPO.
While the exact timing has yet to be finalized, insiders indicate that the company plans to submit its prospectus for public viewing by late April, suggesting that the IPO could occur before June.
Earlier in January 2024, the firm filed confidential documents with the U.S. Securities and Exchange Commission (SEC).
In 2021, the company had attempted to go public through a SPAC merger; however, that effort was hindered initially by a resistant SEC and later by the downturn in the crypto market in 2022, leading to the eventual cancellation of the SPAC arrangement by the end of 2022.
Sources close to the situation have suggested that the company is aiming for a valuation between $4 billion and $5 billion.
In July, it was reported that the firm’s valuation stood at approximately $5 billion in private secondary markets.