Circle Taps JPMorgan and Citi to File for IPO in Late April, Reports Fortune

Key Points to Know:

• Circle has reportedly enlisted JPMorgan and Citi to lead its upcoming IPO, which is expected to occur as soon as late April, according to Fortune.

• The USDC stablecoin issuer is targeting a valuation between $4 billion and $5 billion.

• This IPO effort comes after a failed SPAC merger attempt in 2021, but Circle is now facing a more favorable regulatory environment.

Circle Internet Financial, the company behind the USDC stablecoin, has reportedly selected JPMorgan Chase and Citi to serve as underwriters for its upcoming IPO, as reported by Fortune.

While the exact timeline is still unclear, sources suggest Circle intends to submit its prospectus by late April, with the possibility of launching the IPO before June.

The company had previously filed confidential documents with the U.S. Securities and Exchange Commission (SEC) in January 2024.

Circle had tried to go public through a SPAC merger in 2021, but the deal was blocked first by a resistant SEC and then by the crypto market crash of 2022. Ultimately, Circle withdrew from the SPAC deal by the end of 2022.

Sources familiar with the situation told Fortune that Circle is targeting a valuation of between $4 billion and $5 billion.

A report from July indicated that the company was valued at around $5 billion in private secondary markets.