Olumide Adesina•Wednesday, April 2, 2025•1 min read Add an article to your Reading ListRegister now to be able to add articles to your reading list.
Olumide Adesina•Wednesday, April 2, 2025•1 min read
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The Circle, which issues the USDC stablecoin, plans to publicly offer stocks on the New York Stock Exchange under the ticker “CRCL,” along with a filing to register Form S-1 with the SEC on April 1, 2024. The issuer aims to sell Class-A common stock and has yet to determine the number and price of the shares.
Circle posted a revenue of $1.67 billion in 2024. These earnings represent a 16% increase compared to the previous year, while the issuer experienced a 41.8% loss in net income during 2023.
Circle has paid $ 908 million to Coinbase for exchanging USDC on their platforms since 2024, further reinforcing that Coinbase generated more revenue from USDC than Circle itself.
In his speech, Matthew Sigel noted that the issues regarding costs helped partially explain Circle’s rising revenue; however, there was a decline in both EBITDA and net incoming profits in 2024. 2024.
The high costs partly explain why Circle’s revenue increased, even as its EBITDA- earnings before interest, taxes, depreciation, and amortization- and net income fell in 2024, said Matthew Sigel, head of digital asset research at VanEck.
The filing revealed 99% of Circle’s revenue last year came from its stablecoin reserves. The business generated part of its income by holding yield-bearing Treasury bills.
The firm previously attempted to go public through a Special Purpose Acquisition Company (SPAC) merger in 2021, which it abandoned in December 2022. It made another attempt in January 2024 via a confidential filing with the SEC.
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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