After 7 years of long-distance running, the policy finally leads the way, and Circle is just one step away from going public

Author: Golem, Odaily Planet Daily

The compliance stablecoin giant Circle may become the first beneficiary after the passage of the U.S. stablecoin bill, the "GENIUS Act."

On May 27, Circle disclosed the latest progress of its NYSE IPO application, stating that it will issue 24 million Class A shares, of which 9.6 million shares will be issued by the company and 14.4 million shares will come from existing shareholders. The expected pricing range is between $24 and $26 per share, allowing Circle to raise nearly $250 million, while the selling shareholders may receive nearly $375 million for their shares.

Circle disclosed a target valuation of $6.71 billion, higher than the previous estimated range of $4-5 billion. Although Circle's IPO progress remains smooth, the final outcome is still uncertain, as Circle will continue to face inquiries from the U.S. SEC in the next 3-5 months. Meanwhile, the recognition of crypto in the mainstream U.S. capital markets is rising, but there is a pressing need for more genuinely high-quality "crypto stocks" as some U.S. companies on the verge of delisting are "shelling" to boost their stock prices…

A 7-Year Journey to IPO

Looking back, Circle's path to going public resembles a grand fantasy novel, with the protagonist enduring seven years of hardships and finally achieving ascension.

The Birth of the IPO Idea, Encountering a Bear Market Waterloo

Circle's IPO idea first emerged in 2018 when it launched the stablecoin USDC and acquired the crypto exchange Poloniex. In the same year, Circle secured $110 million in funding from institutions such as Bitmain, IDG Capital, and Breyer Capital, reaching a valuation of $3 billion.

However, the sudden bear market in 2019 caught everyone off guard, causing Circle's valuation to plummet by 75% to $750 million, forcing it to sell Poloniex to Justin Sun. In the face of crisis, Circle's IPO plans naturally fell through.

Going Public via SPAC Merger, Hit Hard by Regulatory Iron Fist

By 2021, after two years of compliance exploration and business development, USDC had become the second most influential stablecoin product in the market after USDT, and Circle's IPO plans successfully came to light. On July 8, 2021, Circle announced it would go public through SPAC (Special Purpose Acquisition Company) Concord Acquisition Corp, with the ticker "CRCL" and a valuation of $4.5 billion. Although the crypto market was recovering at this time, regulatory hostility towards crypto had not dissipated, and Circle sought to avoid the strict scrutiny of traditional IPOs and regulations by going public via a shell company.

However, Circle's IPO plans once again fell through. In July 2021, Circle publicly stated that it received a subpoena from the U.S. SEC enforcement division, requiring Circle to prove that USDC is not a security. After a series of lengthy regulatory disputes and transaction delays, Circle announced the termination of its SPAC merger plans in December 2022.

Nevertheless, this failure and the SEC's ongoing "regulatory iron fist" did not deter Circle. CEO Jeremy Allaire stated after the plan's failure, "Circle remains committed to becoming a publicly traded company in the long term." In June 2023, Circle once again recruited corporate legal advisors to "assist with the potential listing process."

Continuous IPO Applications, Persisting for Years to See Dawn

At the beginning of 2024, perhaps having learned from the second failure, Circle chose a more traditional route and secretly submitted its IPO application in January, without disclosing the number of shares to be sold or the proposed price range for the new IPO. Circle's IPO application was extremely low-key, and after being revealed by the media, the company has consistently refused to comment on any contact with the SEC or other regulatory bodies, instead focusing on enhancing personnel allocation and stabilizing financial conditions to improve the chances of IPO approval.

After a long wait, on April 2, 2025, Circle submitted its S-1 filing to the U.S. SEC again, intending to list on the NYSE under the ticker "CRCL," although the IPO pricing range had not yet been announced. According to subsequent market news, Circle was still delaying its IPO. On May 20, Circle stated that it was still advancing its IPO plans, targeting a valuation of at least $5 billion, and had already rejected acquisition offers from Coinbase and Ripple.

Finally, on May 28, 2025, Circle updated its IPO listing details, stating that it would issue 24 million Class A shares, of which 9.6 million shares would be issued by the company and 14.4 million shares would come from existing shareholders, with an expected pricing range of $24 to $26 per share. According to a Reuters report, Circle's target valuation is $6.71 billion.

Although this update did not specify a concrete IPO listing date, Cathie Wood's ARK Investment has already expressed interest in purchasing $150 million worth of Circle shares in the IPO.

Does This Update Indicate That Circle's Listing is Set in Stone?

Over the years, Circle has made many compliance efforts to fulfill its listing aspirations, such as implementing a more transparent auditing mechanism, obtaining a New York State virtual currency business license (BitLicense), issuing the euro stablecoin EUROC in compliance with MiCA requirements, and more. So, is the result of this IPO application already set in stone?

Although Circle has officially submitted its IPO application, there are still several necessary processes before it can officially trade on the NYSE:

• SEC Review and Effectiveness of Registration Statement

Submitting an application does not mean it is effective. Circle also pointed out in its latest Form S-1 filing that "the offering is subject to market conditions and there is no guarantee of when or if the offering will be completed." Additionally, before listing, the SEC must inquire about its registration statement (Comment Letter) and confirm that there are no significant objections, after which the registration statement can become "effective." Inquiries typically involve one to two rounds and can take 3 to 5 months to complete.

• Roadshow Pricing and Over-Allotment Option

After SEC approval, Circle's underwriting syndicate (including JPMorgan, Citigroup, Goldman Sachs, etc.) will conduct a short-term roadshow to gauge institutional investor demand and determine the final offering price. Circle has also granted underwriters a 30-day over-allotment option for up to 3.6 million shares.

• Official Trading

Only on the day after the pricing is completed (usually one trading day after the pricing date) will CRCL shares be listed on the NYSE. At this point, Circle's IPO will be considered truly realized.

In summary, submitting an IPO application is merely a "stepping stone." So far, Circle's IPO success cannot be said to be set in stone. However, in terms of market and regulatory environment, as long as the Federal Reserve's policies remain stable, the regulatory environment continues to be friendly to the crypto industry, and there are no significant market fluctuations or black swan events during the SEC's inquiry period in the coming weeks, Circle's chances of a successful listing could exceed 80%.

The Mainstream Capital Market Urgently Needs Genuine "Crypto Stocks"

If Circle's NYSE listing ultimately succeeds, it would be a milestone for the entire crypto market and would deepen the mainstream asset market's affirmation of the crypto industry.

If Circle successfully goes public, it will also encourage other crypto companies to actively pursue IPO applications. Several crypto companies have previously expressed their desire to go public:

• Kraken: Since Coinbase's successful listing in 2021, Kraken has been eager to follow suit but has faced multiple failures. According to Bloomberg, it is actively preparing for an IPO in the first quarter of 2026;

• Gemini: The crypto exchange Gemini hinted at an IPO as early as 2021, and there are even rumors that it has secretly submitted an IPO application and is working with Goldman Sachs and Citigroup to advance, potentially listing as early as 2025;

• Bullish: The crypto exchange Bullish also intended to go public via SPAC in 2021, but the plan was ultimately shelved.

• BitGo: The U.S. crypto custody company BitGo is also considering an IPO as early as the second half of 2025.

• ……

With the passage of the stablecoin bill and the Trump administration continuously releasing positive signals for the crypto market, the mainstream U.S. capital market is also being incentivized to invest in the crypto industry. "The U.S. stock market is willing to pay more than $2 for a $1 crypto asset," and the madness exhibited by the mainstream capital market towards the crypto industry is gradually becoming apparent. However, it is undeniable that the types of crypto assets that investors encounter in the mainstream U.S. capital market are still limited, so they can only invest in some stocks related to crypto, such as companies actively building crypto reserves.

However, this also provides an opportunity for junk U.S. stocks on the verge of delisting, which can buy and hold a small amount of crypto assets to boost their stock prices and enhance their valuations. But the fundamentals of these companies have not changed, and there is only one Strategy in the world. When this trick is ultimately uncovered by the mainstream capital market, the real crypto industry may also suffer.

It is urgent to bring more genuinely high-quality "crypto stocks" into the mainstream U.S. capital market.