TLDR
- Circle has officially launched its IPO, which aims to raise up to $624 million through a listing on the New York Stock Exchange.
- The company is offering 9.6 million shares, while selling shareholders are offering an additional 14.4 million shares.
- Circle rejected a $4 billion to $5 billion acquisition bid from Ripple ahead of its public listing plans.
- Market speculation about a potential acquisition by Coinbase proved unfounded as Circle focused on going public.
- Circle received in-principle approval to operate in Abu Dhabi and partnered with Hub71 to expand its regulatory presence.
Circle, the issuer of USDC, has officially launched its IPO, moving forward with its long-awaited public listing. The company plans to raise up to $624 million by offering shares on the New York Stock Exchange. This move follows reports of rejected acquisition proposals from both Ripple and Coinbase in recent months.
Circle has filed to offer 9.6 million shares of Class A common stock priced between $24 and $26 per share. Selling shareholders will contribute another 14.4 million shares, increasing the total offering size. If underwriters exercise their 30-day overallotment option, total shares could reach 27.6 million.
J.P. Morgan, Goldman Sachs, and Citigroup are acting as joint lead bookrunners for the IPO. Barclays, Deutsche Bank, and Société Générale are also participating as bookrunners. Several co-managers, including BNY Capital Markets and Oppenheimer & Co., support the offering.
USDC Issuer Rejects Ripple’s $5B Bid
Circle recently declined a $4 billion to $5 billion acquisition offer from Ripple. The company viewed the bid as undervaluing its long-term growth potential. Instead, it chose to advance independently through a public market debut.
This decision came amid persistent rumors of consolidation in the stablecoin market. Circle maintained focus on its core strategy and dismissed external takeover interest. The company has made clear that it prefers control over its roadmap.
Ripple’s offer surfaced as Circle was finalizing its IPO preparations. The timing suggested strategic posturing in a rapidly evolving market. However, Circle remained firm on achieving a higher valuation through public investment.
Coinbase Speculation Unfounded as Circle Moves Ahead
Earlier this year, speculation linked Coinbase to potential acquisition talks with Circle. However, the USDC issuer never confirmed such discussions. Circle’s leadership focused solely on IPO readiness and regulatory approvals.
Coinbase, a key infrastructure partner for USDC, has had a longstanding relationship with Circle. Despite that, no formal acquisition offer was disclosed publicly. Circle’s filing with the SEC remained separate from any merger or partnership activity.
While market observers anticipated more consolidation, Circle advanced independently. The company’s IPO aims to strengthen its position in the stablecoin space. Its market capitalization for USDC currently stands above $32 billion.
Regulatory Focus Sharpens as Circle Expands Globally
Circle continues expanding its regulatory footprint amid global scrutiny of digital assets. It secured preliminary approval in Abu Dhabi to operate as a money services business. This development came shortly after Circle’s incorporation in the UAE.
The company also joined forces with Hub71, a government-backed tech hub in Abu Dhabi. This partnership allows Circle to test stablecoin offerings, including USDC and EURC, in a local regulatory sandbox, helping it remain competitive as stablecoin demand grows.
Meanwhile, the IPO remains subject to market conditions and regulatory approval from the SEC. Circle’s previous SPAC deal with Concord Acquisition Corp was canceled in 2022. Despite that setback, Circle has stayed focused on strengthening its global operations.