Circle files for IPO with plans to list on NYSE, marking a milestone for the USDC stablecoin company - IcoHolder.

Circle, the company behind the USDC stablecoin, has officially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. The company plans to list its Class A common stock on the New York Stock Exchange under the ticker “CRCL.”

The filing, dated April 1, indicates that Circle will offer shares for sale directly to the public, though current shareholders will also sell a portion of their holdings. However, the exact quantity and price range of these shares remain undisclosed. While the sales from existing shareholders won’t benefit the company, Circle will generate revenue from the shares it sells directly. Major financial institutions like JPMorgan and Citigroup are underwriting the IPO, with a 30-day window for additional share purchases following the offering.

Circle’s financial performance has been robust, with total revenue increasing from $1.45 billion in 2023 to $1.68 billion in 2024. A significant portion of the company’s profits stemmed from interest on reserves backing the USDC stablecoin. Despite the rise in revenue, Circle's net income for 2024 dropped to $156.9 million, down from $271.5 million in 2023, although this still marked an improvement from a $761.8 million loss in 2022. The company reported significant operational expenses, including salaries ($263.4 million), administrative costs ($137.3 million), and IT infrastructure investments ($27.1 million).

Circle also reported $54.4 million in other income, alongside $4.3 million in losses related to digital assets. Proceeds from the IPO will be allocated to acquisitions, growth, and product development initiatives.

The IPO will introduce a three-tiered share structure. Class A shares will carry one vote per share, while Class B shares, which are owned by co-founders Jeremy Allaire and Patrick Sean Neville, are limited to 30% of the total voting power but provide five votes each. Class C shares will be convertible under certain conditions but will not carry voting rights.

This IPO comes after Circle canceled a $9 billion SPAC merger in 2021. The move marks the company’s first attempt at a traditional public listing. With stablecoin adoption growing, Circle’s public debut reflects its ambition to integrate more deeply into the broader financial ecosystem.