Circle Files for IPO, Reports $284M EBITDA, $504B USDC Minted

Circle, a prominent issuer of stablecoins, has made significant progress towards its initial public offering (IPO). The company has filed its S-1 form with the Securities and Exchange Commission (SEC), marking a crucial step in its journey to go public. Circle plans to list its stock on the New York Stock Exchange under the ticker symbol CRCL, pending SEC approval.

In its S-1 filing, Circle expressed its vision to create a new defining internet platform company built on the internet financial system. The company believes that it is still in the early stages of developing this new financial system. Circle CEO Jeremy Allaire acknowledged the complexity of the stablecoin firm’s journey, highlighting the challenges and uncertainties that arise from the intersection of innovative technology and highly regulated, legacy financial services. Allaire emphasized the difficulty of building a new internet financial system, creating infrastructure for money and economic activity, shaping and responding to policy, and operating in a complex global macro environment.

The S-1 filing provides the first public review of Circle’s finances. The company reported minting approximately $504 billion of USDC and redeeming about $464 billion of USDC from January 1, 2021, to December 31, 2024. Circle assured that all redemptions have been one-for-one with the US dollar. The company’s adjusted earnings before income tax, depreciation, or amortization (EBITDA) for 2024 were $284 million, as stated in the filing.

Circle’s S-1 filing also includes a section on risk factors, which is standard in such SEC filings. The company warned that it operates in a rapidly changing and highly competitive industry. Circle’s results of operations and future prospects depend on the continued growth of the Circle stablecoin network, its ability to monetize the network, and its capacity to innovate and create successful new products and services while improving existing ones. This filing comes shortly after trading platform eToro also filed for an IPO, indicating a growing trend in the crypto industry towards public listings.