Circle submitted its IPO application in April 2025 with a target valuation of $5 billion, but according to banking and private equity insiders, Circle is in talks with Coinbase and Ripple regarding potential acquisitions. Ripple had proposed an acquisition offer of $4 billion to $5 billion, with plans to pay in XRP and cash, but it was rejected. Previously, Coinbase CEO Brian Armstrong was asked about the acquisition of Circle