Stablecoin Issuer Circle Files for IPO

By Connor HartCircle Internet Group has filed for an initial public offering with the Securities and Exchange Commission.The stablecoin company didn't say Tuesday how many shares it would list or give an anticipated price range. It plans to list shares on the New York Stock Exchange under the ticker CRCL.The company posted a profit of $155.7 million in 2024, down from $267.6 million a year earlier. Total revenue came in at $1.68 billion last year, compared with $1.45 billion a year prior.Circle didn't say how much in proceeds it expects from the offering. The company said it will use proceeds to satisfy tax withholding and remittance obligations in connection to certain stock-based compensation agreements that will vest as a result of the IPO. Additional proceeds would be used for working capital and other general corporate purposes.Ten firms, led by J.P. Morgan Securities and Citigroup Global Markets, are listed as the offering's underwriters.Circle's IPO comes after the company earlier this year bought Hashnote, the operator of a blockchain-based money-market fund with nearly $1.3 billion in assets.The company donated $1 million to President Trump's inaugural committee in January. The digital-assets industry emerged as one of the biggest spenders of the recent election cycle, fueled by Trump's pro-cryptocurrency stance.Write to Connor Hart at [email protected]