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USDC stablecoin issuer Circle files confidentially for an IPO
After trying to go public twice via SPAC deals, Circle is trying to go public once again. Would that other private tech companies were as bold.
The company initially planned to list on the public markets in July 2021 by way of a SPAC merger deal with Concord Acquisition Corp. SPACs were all the rage at the time, and the company seemed like a reasonable candidate for a blank-check merger, as it would have allowed Circle to raise capital with a somewhat less proven business model. Later, when the company decided to effectively double its SPAC value in February 2022, we noted that the repricing was predicated on a massive run-up in the amount of USDC in circulation. Overall, the market suffered as capital became more expensive, but fintech companies, in particular, benefited from interest-derived revenues since they held cash and cash-like investments on their books.
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