Circle’s Plans for a 2024 IPO

Circle, the stablecoin issuer, is considering the possibility of becoming a publicly traded company in early 2024.

This development comes almost a year after its failed SPAC deal with Concord. Despite the collapse of the deal, Circle’s co-founder and CEO, Jeremy Allaire, has emphasized the company’s intention to go public.

According to a Bloomberg report, Circle is in discussions with advisors about a potential IPO. However, the company’s deliberations are still ongoing, and there is no guarantee that it will opt for a public listing.

Circle had a valuation of $9 billion in its previous attempt to go public through a blank-check deal in 2022. The company has expressed optimism about its transition to a publicly traded entity, but specific details have not been disclosed.

A Circle representative stated, “Becoming a U.S.-listed public company has long been part of Circle’s strategic aspirations. We don’t comment on rumors.”

Failed SPAC Deal

Circle terminated its business combination deal with special purpose acquisition company (SPAC) Concord Acquisition Corp in December. The agreement was mutual and approved by the boards of directors of both Circle and Concord.

The initial announcement of the business combination proposal was made in July 2021 when Circle had an estimated value of $4.5 billion. The deal was revised in February 2022, with the company’s valuation doubling to $9 billion, and the issuer of USDC stablecoin intended to go public by December 2022.

According to a report by Financial Times, Circle attributed the failure of the merger to the US Securities and Exchange Commission’s (SEC) delay in declaring the related S-4 registration effective within the specified timeframe, leading to the agreement lapsing on December 10th. A spokesperson from the company, however, denied blaming the financial regulator.

See also  Top 5 NFT Collections by Trade Volume in Sep 2023

### News source:

By Team