Circle moves to IPO after failed SPAC and delays: Report

• Circle plans to go public with JPMorgan and Citi after a failed SPAC merger in 2022.
• The IPO filing is expected by April’s end and will reveal financials and ticker details.
• USDC’s value is near $60B, but Circle faces revenue concerns and tough stablecoin rivals.

Circle has finally signaled it will proceed with an IPO by hiring JPMorgan and Citigroup. Earlier, the firm had planned an IPO through a SPAC merger but failed for years. Considered to be the largest in the sphere of cryptocurrency, it is expected to surpass the listing of Coinbase.

According to a report on Monday, Circle announced plans to go public after submitting its IPO documents by the end of April. The filing will open the door to the public disclosure of the company’s financial details and potentially unveil its ticker symbol. Although the company has not set a specific date to list its shares to the public, the decision signifies that Circle is keen on the move this time.

In 2021, Circle attempted to become a public company through a SPAC merger. However, the deal was terminated in 2022. The emergence of stricter laws in the industry and the effect of the FTX market crash slowed it down. However, now that investor sentiment is gradually coming back in the crypto space, Circle is making a comeback, this time, the IPO seems to be more viable.

USDC’s Critical Role Continues

However, these challenges have not hindered the progression of the USDC ecosystem as USDC maintains its importance in the digital currency market. Tether can be predominantly found in trading cryptocurrencies, payments, and other decentralized applications. However, USDC temporarily depegged in early 2023 due to the Silicon Valley Bank crisis that restricted $3.3 billion of Circle’s funds.

Following quick action by US authorities, the stablecoin regained its peg, and investor confidence returned. Since then, USDC’s market capitalisation has grown, reaching nearly $60 billion as of March 2025. Yet, analysts have raised concerns about the limited diversity of Circle’s revenue sources.

Related: Vitalik Buterin Offloads Tokens, Backs Zuitzerland with ETH

Valuation and Market Context

The report suggests that a large portion of Circle’s income in early 2023 came from interest earned on reserve assets such as US Treasury bonds and cash equivalents. Meanwhile, Coinbase—Circle’s key partner in issuing USDC generated over $225 million in USDC-related revenue during the final quarter of 2024 alone.

Circle’s current valuation is estimated between $4 billion and $5 billion, lower than the $9 billion figure tied to its failed SPAC deal. The IPO comes as the US public market shows signs of revival, with over 70 companies having gone public this year, raising nearly $12 billion in total.

Further, the firm may also have some advantages in terms of the regulatory situation. The House and the Senate are currently working on new bills on stablecoins, and Trump also made comments regarding cryptocurrencies gaining momentum. However, it is now competing with other stablecoin providers, including PayPal and Ripple.

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