Circle partners with JPMorgan Chase and Citigroup, aims to submit IPO materials in April

Stablecoin issuer Circle is advancing its long-term plan for a stock market listing. According to Fortune, Circle is collaborating with investment banks JPMorgan Chase and Citi to pursue its long-awaited initial public offering (IPO), with plans to publicly submit listing materials by late April. Sources indicate that Circle's goal is to publicly submit the issuance documents by late April. When a company submits these documents, its stock typically begins trading about 4 weeks later, although some companies may wait several months or more. This is Circle's second attempt to list its stock. In Q4 2021, Circle had hoped to go public by merging with the special purpose acquisition company Concord Acquisition Corp, but ultimately terminated the plan by the end of 2022. Subsequently, the crypto winter and Silicon Valley Bank crisis caused USDC's market value to plummet from a high of $56 billion to as low as $24 billion. In January 2024, Circle secretly submitted a traditional IPO application to the US Securities and Exchange Commission. The public documents will provide investors with insight into Circle's financial situation and mark the final step towards stock market listing. ABMedia previously analyzed Circle's business model based on 2022 submitted data, revealing numerous external investments and extremely high personnel and administrative expenses, essentially operating at a loss. Circle's listing will be the largest crypto IPO since Coinbase in 2021. JPMorgan Chase and Citi were also part of the financial advisory team for Coinbase's listing. Stablecoin market value is surging. Tether's USDT market value has reached $144 billion, while Circle's USDC, driven by compliance, has risen to $60 billion, finally recovering from the Silicon Valley Bank crisis low and reaching a new historical high. Additionally, US Treasury bond yields, one of Circle's key income sources, are currently around 4.3%, which will help improve the financial revenue figures in its submission. So far this year, 73 companies have gone public on US exchanges, a 70% increase from 2024. According to Dealogic, the total value of these transactions is $11.8 billion, a 39% increase compared to the same period in 2024. Several well-known companies, including eToro, Stubhub, and Klarna, have also applied for listing. The probability of Circle's IPO before the end of 2025 on Polymarket has already reached 85%. Risk Warning: Cryptocurrency investments carry high risk, with potentially significant price volatility. You may lose your entire principal. Please carefully assess the risks.