Circle Taps Jpmorgan and Citi to lead public subscription, targeting April presentation
Circle Internet Financial, the company behind the widely used USDC Stablecoin, has benefited two Wall Street giants, JPMorgan Chase and Citi, to lead the first -awaited public offering (IPO).
according to Sources familiar with the caseFintech is preparing to present the release bulletin in late April, which paves the way for the first time in the stock market before June.
It is worth noting that this step represents an important step for the department, which was looking for the general situation for years, and emphasizes the increasing intersection between traditional financing and the cryptocurrency sector.
Attempt to subscribe to the second public public department after failure in 2021
After a failed attempt by the public through a mergers of the Special Request for Special Purposes (SPAC) in 2021, the company is now facing a more appropriate regulatory climate by employing these two banks, which may enjoy the way to public subscription.
In 2021, the company announced plans to integrate with the Concord Councition Corp, a SPAC, which is supported by the former CEO of Barclays Bob Diamond, which aims to evaluate $ 9 billion.
However, the deal collapses amid delays from the American Securities and Stock Exchange Committee (SEC) and destroying the subsequent encryption market for 2022, which partially caused the FTX collapse.
By December 2022, Circle and Concord ended the agreement.
The unwanted department, which was provided by the Secret Paper Circle, was not raised with the Securities and Stock Exchange Commission in January 2024, and the basis for its current payment, which seems now ready to take advantage of the optimism of the renewed market.
It is worth noting that the JPMORGAN and Citi employment reflects Circle’s ambition to secure an evaluation between 4 billion dollars and 5 billion dollars, which is in line with its estimated value in private secondary markets last July.
Also, these heavy banking weights bring credibility and experience on the table, indicating the intention of attracting the prevailing investors.
The participation of prominent subscription companies also highlights the increasing acceptance of companies related to encryption by traditional financial institutions.
Circle plans to enhance its presence in the United States
The timing of this public subscription is noticeable, as it follows the strategic efforts of Circus to enhance its foot in the American market.
In September 2024, the company announced that it will move its global headquarters from Boston to New York City, where it established a store at the World Trade Center – a move that is aligned near the heart of traditional financing.
In addition, Circle is moving in organizational scrutiny, as SEC previously raises concerns whether USDC can be classified as security, according to the Barron report in June 2024.
However, a friendly organizational environment under the current administration may reduce these obstacles, which gives a circle a clearer of the public.
With Jpmorgan and Citi in The Helm, the Circle’s April is not just a milestone for the company but it is a possible turning point for the broader integration in the encrypted currency in public markets.
The successful public subscription version can pave the way for other encryption companies, such as Kaken or Bitpanda, to install them, especially since investment banks show increasing interest in the sector.
The post -box department clicks JPMorgan and Citi to lead public subscription, and targeted April for the first time on Invezz
