Stablecoin giant Circle Internet Group has taken a major step toward becoming a publicly traded company. Fueled by growing USDC revenues, Circle has filed for a listing on the New York Stock Exchange.
Market Debut
On April 1, Circle filed its Form S-1 registration statement with the U.S. Securities and Exchange Commission, announcing plans to list its Class A common stock on the NYSE under the ticker symbol 'CRCL.' However, the filing did not disclose the number of shares to be offered or the target price of its IPO. A previous effort to go public through a SPAC merger in 2021 was abandoned.
Circle's 2024 Financial Performance
In 2024, Circle reported $1.67 billion in revenue, marking a 16% increase compared to 2023. However, net income fell sharply to $155.6 million—a 41.8% decline year-over-year. One key reason for this drop is the substantial cost of distributing USDC. In 2024, Circle paid Coinbase nearly $908 million as part of its revenue-sharing agreement.
Crypto Holdings and Future Plans
Beyond its stablecoin operations, Circle holds a diversified crypto portfolio, including $6.2 million in Bitcoin, $3.3 million in Ethereum, and smaller holdings in projects like Sui, Sei, Aptos, and Optimism. With a market capitalization of $60.1 billion, USDC remains the second-largest stablecoin.
Going public marks a significant milestone for Circle. Despite declining profitability, the company is optimistic about the continued growth and adoption of stablecoins.
