Circle’s IPO Dreams: Not for Sale, But Definitely for Show!

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In a rather emphatic statement on the 19th of May, a spokesperson for Circle, presumably with a twinkle in their eye, declared: “Circle is not for sale. Our long-term goals remain the same.” Well, that’s a relief! I was just about to send in my bid of a fiver and a packet of biscuits.

This delightful proclamation came hot on the heels of a rather juicy report from Seeking Alpha, which cited a paywalled Fortune article (because who doesn’t love a good paywall?) claiming that Circle was in negotiations, seeking a valuation of at least $5 billion. Yes, you heard it right—$5 billion! And here I am, struggling to find a fiver for the bus fare. The potential buyers? Oh, just Ripple and Coinbase, two names that sound like they belong in a high-stakes poker game rather than a boardroom.

Earlier, it was reported that Circle had turned down a rather paltry $4–5 billion takeover offer from Ripple, deeming the valuation as low as a limbo stick at a particularly unambitious party. Despite this rejection, Ripple, like a persistent suitor at a ball, reportedly remains keen on pursuing a deal, although no further offers have been confirmed. One can only imagine the awkwardness at the next crypto gala.

IPO Plans Move Forward

Circle, in a move that can only be described as “let’s keep the ball rolling,” formally filed for an IPO in April 2025. According to previous reports, they’ve already enlisted investment banks to underwrite the offering. The exact timing of the public debut remains as uncertain as a cat in a room full of rocking chairs. Initially, they had planned to go public in December 2022, but alas, the market conditions were about as favorable as a rainy day picnic.

Circle’s CEO, Jeremy Allaire, previously emphasized the firm’s focus on institutional infrastructure. In January 2024, the company acquired Hashnote, the issuer of the USYC stablecoin, calling it a major advancement for tokenized treasury markets. One can only hope that this acquisition doesn’t involve any actual notes, as I’ve heard they can be quite heavy!

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2025-05-27 00:39