Source: Cointelegraph Original: "{title}"
The USDC stablecoin issuer Circle Internet Group has submitted an application to the U.S. Securities and Exchange Commission (SEC) to go public on the New York Stock Exchange (NYSE).
According to the S-1 registration statement submitted by Circle on April 1, its Class A common stock will trade under the ticker symbol "CRCL."
Circle's prospectus did not specify the number of shares to be issued or the target price for the initial public offering (IPO).
The document also indicated that Circle's revenue for 2024 is projected to reach $1.67 billion, a 16% increase year-over-year.
Its net income last year was $155.6 million, a decline of 41.8% compared to 2023. In 2022, Circle recorded a net loss of $761.7 million.
As of December 31 last year, Circle's financial status over the past three years. Source: SEC
The document also revealed that Circle paid nearly $908 million to its primary distribution partner Coinbase in 2024 for circulating USDC on Coinbase's cryptocurrency exchange.
Agora CEO Nick van Eck pointed out that this high cost means that Coinbase's earnings from USDC exceed those of Circle itself.
Matthew Sigel, head of digital asset research at VanEck, added that the high distribution costs partly explain why Circle's revenue is growing in 2024 while its earnings before interest, taxes, depreciation, and amortization (EBITDA) and net income are declining.
The document shows that over 99% of Circle's revenue in 2024 comes from its stablecoin reserves. Circle generates some revenue by holding interest-bearing U.S. Treasury bills. Additionally, Circle holds $6.2 million in Bitcoin (BTC), $5.6 million in Sui (SUI), over $3.3 million in Ethereum (ETH), as well as other crypto assets like Sei (SEI), Aptos (APT), and Optimism (OP).
Circle previously attempted to go public through a special purpose acquisition company (SPAC) merger in 2021 but ultimately abandoned the plan in December 2022. In January 2024, Circle again attempted to go public by submitting confidential documents to the SEC.
Reports indicate that cryptocurrency exchange Kraken and blockchain security company BitGo also plan to seek public listings this year or early 2026.
On March 25, Circle became the first stablecoin issuer to receive regulatory approval in Japan and listed USDC on the SBI VC Trade cryptocurrency exchange the following day.
According to CoinGecko, USDC is currently the second-largest stablecoin by market capitalization, valued at $60.1 billion, second only to Tether (USDT), which has a market cap of $143.9 billion.
Related: Circle: USDC Stablecoin Approved for Use in Japan
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