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Circle Denies Sale Rumors
IPO Plans Continue to Advance
Fortune magazine previously reported, citing informed sources, that USDC stablecoin issuer Circle is seeking potential buyers with a valuation of at least $5 billion. It is said that this potential deal involves long-time partner Coinbase, as well as competitor Ripple, which recently entered the stablecoin market. However, in response to external rumors, the company clarified to the media yesterday that it is not seeking a sale and remains focused on advancing its initial public offering (IPO) plans. A Circle spokesperson responded to the media, stating:
“Circle does not intend to sell. Our long-term development goals remain unchanged.”
According to sources, Circle had previously rejected a $4 billion to $5 billion acquisition offer from Ripple at the end of April, citing that the valuation was too low. Although Ripple still expresses interest in a potential deal, Circle has indicated that its current focus is on the IPO and it is not considering a sale.
Circle formally submitted its IPO documents to regulatory authorities in April 2024 and has hired an investment bank to handle the underwriting process. While a specific timeline for the listing has not yet been announced, the company emphasizes that advancing towards the IPO remains a core strategy.
Circle had initially planned to go public via SPAC at the end of 2022, but the plan was postponed at that time due to market conditions. In January 2024, the company officially announced the resumption of its listing process.
