Circle Taps JPMorgan and Citigroup to Pursue IPO

Stablecoin issuer Circle Internet Financial has tapped top investment banks JPMorgan and Citigroup to proceed with its Initial Public Offering (IPO) plans. This marks significant progress towards the IPO’s success.

Circle’s IPO Journey and Progress 

Circle has been working on going public for several years but has consistently faced roadblocks. Four years ago, the United States Securities and Exchange Commission (SEC) derailed its plans to pursue an SPAC merger, which used to be a popular route for companies seeking the attention of public markets.

The most sought-after IPO is finally becoming a reality this April. According to some sources familiar with the matter, the new partnerships with JPMorgan Chase and Citigroup are focused on facilitating the IPO offering. The specific timeline has yet to be announced; however, trading is expected to commence within weeks after it is filed.

Improved US Regulatory Shift May Favour Circle IPO

The stablecoin issuer may need to extend this timeline if it meets a roadblock with regulators. 

However, the US regulatory landscape has improved since Donald Trump’s inauguration and Mark Uyeda’s appointment as interim SEC Chair. With favorable policies and regulatory frameworks, more crypto firms have seen the tides, including lawsuits with the SEC, turn in their favor.

Should Circle succeed with this IPO, it would be the second in the digital asset sector after American cryptocurrency exchange Coinbase, which bagged its IPO in 2021. In a plot twist, JPMorgan Chase and Citi served as advisors in the Coinbase IPO.

More Crypto Firms Plans For IPO

Apart from Circle, several other digital asset services in the Web3 ecosystem providers seek an IPO equally. Three weeks ago, Gemini, the company Cameron and Tyler Winklevoss founded, confidentially filed for an IPO and enlisted Goldman Sachs and Citigroup to guide the process. 

Similarly, Singapore-based crypto mining rig manufacturer Bgin Blockchain Limited also filed an IPO in the US. This firm plans to raise $50 million by offering 59.54 million Class A ordinary shares and 15.69 million Class B shares, with an application to list them under the ticker “BGIN” on Nasdaq. Other firms speculated to be pursuing an IPO are Kraken, Bullish, and Blockchain.com.