USDC issuer Circle officially files for IPO on the NYSE

Circle, the company behind the USDC Stablecoin, officially submitted a first public offer to the Securities and Exchange American Commission.

According to April 1 depositCircle (USDC) intends to list its ordinary class A shares on the New York Stock Exchange with the Ticker “CRCL”. The company’s file indicates that some current shareholders will also sell actions, even if the quantity of quantity and price of shares has not yet been made public.

Although sales of current holders will not benefit the company, Circle will benefit from the actions it sells directly. Large banks like JPMorgan and Citigroup will subscribe to the IPO, and there will be a 30 -day window for purchases of additional shares.

Information on Circle’s performance can be found in its financial disclosure. Company reserve income and total revenues increased from $ 1.45 billion in 2023 to $ 1.68 billion in 2024. Interest on USDC support reserves represented a considerable amount of its profits.

Despite the increase in income, the net profit of 2024 fell to $ 156.9 million, compared to $ 271.5 million in 2023, but still a significant improvement compared to a loss of $ 761.8 million in 2022. Salaries (263.4 million dollars), administrative costs (137.3 million dollars) and IT infrastructure (27.1 million Dollars) were recorded for the largest portion of the management of $ 491 million.

In addition, the company said $ 54.4 million in other income and $ 4.3 million in digital assets. The money collected from the introduction will go acquisitionsoperational growth and product development.

A three -level sharing structure will be introduced by the IPO of Circle. Each class A action, which will be offered for sale, has a vote. The co-founders Jeremy Allaire and Patrick Sean Neville have class B shares, which are limited to 30% of the total number of votes but each have five votes. Class C shares are convertible in specific circumstances, but they have no voting rights.

After the cancellation of a spac merger of $ 9 billion in 2021, this IPO marked the first circle attempt to a traditional public list. The public beginnings of Circle report its plan to integrate more into the financial sector as the adoption of stablescoin continues to grow.