Circle, the creator of the USDC stablecoin, has officially submitted an application for an initial public offering to the U.S. Securities and Exchange Commission.
Per the filing dated April 1, Circle plans to trade its Class A common stock on the New York Stock Exchange under the ticker “CRCL.” The document also reveals that some existing shareholders will be selling their shares, although details regarding the amount and price range have not yet been disclosed.
While the sales from current shareholders won’t yield direct benefits for the company, Circle will generate revenue from the shares it offers. Major banking institutions like JPMorgan and Citigroup are set to underwrite the IPO, which will include a 30-day period for additional share acquisitions.
Details about Circle’s financial performance are available through its disclosures. The company experienced growth in reserve income and total revenue, increasing from $1.45 billion in 2023 to $1.68 billion in 2024. A significant portion of its profit came from interest on reserves backing USDC.
Nonetheless, net income for 2024 dropped to $156.9 million, down from $271.5 million in 2023, although it represents a marked improvement over a loss of $761.8 million in 2022. The company’s operating expenses, totaling $491.7 million, were primarily driven by salaries ($263.4 million), administrative costs ($137.3 million), and IT infrastructure expenses ($27.1 million).
Additionally, the company reported $54.4 million in other income alongside $4.3 million in losses from digital assets. Proceeds from the IPO are intended to support potential acquisitions, operational expansion, and product innovation.
The IPO will introduce a three-tiered share structure. Each Class A share being sold carries one vote. Co-founders Jeremy Allaire and Patrick Sean Neville hold Class B shares, which comprise 30% of the total voting power but each grants five votes. Class C shares can be converted under specific conditions, yet they lack voting rights.
This IPO represents Circle’s first effort at a conventional public listing following the cancellation of a $9 billion SPAC merger in 2021. The company’s public entry signifies its commitment to further embedding itself within the financial sector as the adoption of stablecoins continues to advance.