The company has reportedly enlisted JPMorgan Chase and Citi to oversee the process, with a public filing expected as early as late April, according to a report from Fortune.
The firm is aiming for a valuation between USD 4 billion and USD 5 billion. If the IPO proceeds successfully, it will represent one of the largest public offerings within the cryptocurrency sector since Coinbase’s debut in 2021.
Circle had previously attempted to go public through a special purpose acquisition company (SPAC) merger in 2021, a deal backed by an investment firm. However, the plan faced multiple extensions and was ultimately abandoned in late 2022 amid a downturn in the cryptocurrency market and regulatory challenges following the collapse of FTX. This time, the company is pursuing a traditional IPO, a move that aligns with general improvements in market conditions.
If the offering moves forward as planned, the filing will provide the first comprehensive look at Circle’s financial position. Company representatives have previously indicated that the IPO is intended to enhance transparency and strengthen credibility rather than raise additional capital.
The timing of Circle’s renewed IPO efforts coincides with a rebound in the public markets. In 2025, 73 companies have already listed on US exchanges, raising a combined USD 11.8 billion, which represents a 39% increase compared to the previous year. Other firms, including eToro, StubHub, and Klarna, have also signalled intentions to go public.
Founded in 2013, Circle has secured more than USD 1.1 billion in investments from firms such as BlackRock and Coinbase. The company’s USDC stablecoin remains widely used in digital asset trading, financial technology platforms, and decentralised finance protocols.
In March 2025, Intercontinental Exchange (ICE) signed a memorandum of understanding with Circle to assess potential product developments. These developments would incorporate Circle’s USDC stablecoin and its tokenized money market instrument, US Yield Coin (USYC). The agreement marked an effort to explore the role of digital assets in ICE’s range of financial market services.
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