Stablecoin issuer circle documents perform IPO after large revenue report

Circle Internet Group provided the SEC with its long-awaited IPO on April 1. In its S-1 form, the company outlines plans to list its shares on the New York Stock Exchange under the CRCL symbol.

The company issued the second largest stablecoin based on market capitalization, and USDC has also steadily increased revenue. Circle reported net income of $156 million in 2024, with revenue of $1.68 billion, compared with net income of $268 million, compared with revenue of $1.45 billion in the previous year.

IPO circle files

$1.7B Income (+16%y/y)
$285 million Ebidta (-29% and/Y)
Net income of $155 million (-42%) pic.twitter.com/qhldpakfrr

– Matthew Sigel, Recover CFA (@matthew_sigel) April 1, 2025

Circle’s long-awaited IPO

“We are now publicly stating that we are in the circle and the development of the Internet financial system and the development of the Internet financial system,” Circle CEO Jeremy Allaire said in a letter contained in the prospectus.

He added: “While we are proud and confident in our ability to seek this opportunity, our future is full of uncertainty and risks (as it was in the past) and we must successfully navigate.”

Circle’s public offering has been one of the most anticipated products in the cryptocurrency industry as it has been trying to do so for years. Details of the company’s share sale, including the proposed price range and stock quantity, are not disclosed and will be disclosed in future documents.

“For Circle, being a publicly traded company on the NYSE is our desire to operate with maximum transparency and responsibility,” Allaire said.

“We are building the infrastructure we believe is critical for the financial system, and we are trying to work with leading companies and governments around the world to shape and build this new internet financial system.”

USDC is the second largest stablecoin after Tether’s USDT, with a issuance of $60 billion and a market share of about 25%. Tether strengthened its Bitcoin reserves this week with a $735 million purchase, and remains a clear industry leader in the market dominant 60%.

Trump’s son’s mining company plans IPO

In related news, a crypto mining company announced this week between Hut 8 and an investor group that included two sons, Donald Trump, known as American Bitcoin Corp., also announced plans to eventually be open.

HUT 8 CEO Asher Genoot told Bloomberg on April 1 that in the long run, it will be seen as a company that the two sisters are publicly traded.

“By combining HUT 8’s operational excellence in data centers with a shared passion for Bitcoin and decentralized financing, we are expected to strengthen our base and drive significant growth in the future,” said Eric Trump, who co-founded Bitcoin in the United States.