Crypto firm Circle, the issuer of usd coin (USDC), the second-largest stablecoin by market capitalization, is reportedly contemplating going public in 2024. Circle was founded in 2013 by Jeremy Allaire and Sean Neville and it’s raised a total of $1.1 billion in funding since its inception.

Over the last 10 years, Circle has operated many businesses including providing retail investors access to bitcoin (BTC) and then transitioning into a market maker. In its most recent years, Circle has been issuing and managing the second-largest stablecoin, usd coin (USDC).

On November 7, 2023, Bloomberg’s Katie Roof and Ryan Gould reported that “people with knowledge of the matter” said Circle would go public in early 2024. A representative for Circle told the journalists that it doesn’t “comment on rumors” but becoming a publicly listed cryptocurrency firm is part of Circle’s timeline.

Circle attempted to go public via a special-purpose acquisition company (SPAC) deal but opted out in 2022. At that time, Circle’s estimated valuation was around $9 billion, while some estimates showed the valuation was closer to $4.5 billion.

In May 2021, Circle revealed the company obtained $440 million in financing from a number of strategic investors. After that, rumors of an initial public offering (IPO) started to circulate. In July 2021, there were talks about Circle planning to go public via a SPAC merger with Bob Diamond’s Concord Acquisition.

According to the Bloomberg reporters, the unnamed sources claim that IPO talks are “ongoing” and there is no certainty Circle will follow through with the deal. The publicly listed cryptocurrency firm Coinbase recently acquired an equity stake in Circle.

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