- Asset management firm VanEck has filed for a BNB ETF trust in Delaware.
- Circle, the issuer of USDC, has submitted an S-1 application to the SEC to initiate its initial public offering (IPO).
- The firm aims to list its Class A common stock on the NYSE under the ticker “CRCL”.
On Tuesday, asset manager VanEck registered a BNB Trust in Delaware, signaling its intent to apply for an ETF product with the Securities and Exchange Commission (SEC). Similarly, Circle, a stablecoin issuer based in the U.S., has filed an S-1 application with the SEC to begin offering its Class A common stock shares in an Initial Public Offering (IPO).
Circle submits S-1 application; VanEck seeks ETF approval in Delaware
Circle, the issuer of the USDC stablecoin, officially submitted an S-1 filing to the SEC on Tuesday to launch its Initial Public Offering (IPO). The document outlined Circle’s plans to offer shares of its Class A common stock, which has not yet been made available on any public market.
The company intends to trade its stocks on the New York Stock Exchange (NYSE) under the ticker symbol “CRCL.” However, it has not shared details about the number of shares to be offered or the anticipated price range for the IPO.
“For Circle, becoming a publicly traded company on the New York Stock Exchange represents a step forward in our commitment to operate with maximum transparency and accountability,” stated Circle CEO Jeremy Allaire in the filing.
Circle also disclosed that it achieved $1.67 billion in revenue for the year 2024, a 16% increase from the previous year. However, the company reported a net income of $155.6 million for the year, reflecting a significant decline of 41.8% from 2023.
This comes after reports surfaced on Monday that Circle has engaged JPMorgan Chase and Citigroup to assist with its initial public offering.
The firm confirmed in a press release that JPMorgan Chase will lead the role of active book-runner, collaborating with Citigroup. Other financial institutions involved in the book-running team include Barclays, Deutsche Bank, and SG Americas.
Circle’s plans to become a publicly traded entity have been developing over several years, with various attempts and strategic initiatives leading up to the IPO filing.
Initially, the stablecoin issuer aimed for a public listing through a $9 billion merger with a Special Purpose Acquisition Company (SPAC) in 2022. However, that deal fell through in December of the same year due to delays from the SEC regarding the approval of its business registration statement.
At the same time, asset manager VanEck has registered the VanEck BNB Trust in Delaware, suggesting that the company may be preparing to submit an application to the SEC, as indicated by a post from former Binance CEO Changpeng Zhao.
This registration marks the first instance of a company filing for a BNB Trust in Delaware, typically a preliminary step before applying to the SEC. Additionally, VanEck has submitted ETF applications aimed at launching both an Avalanche ETF and a Solana ETF.