Circle, the issuer of stablecoin USDC (USDC), is still planning an initial public offering (IPO), but the company is also in informal talks with Ripple and Coinbase about a sale, according to a report from Fortune.
Circle is seeking at least $5 billion, which is its target for the IPO, according to the four banking and private equity sources Fortune cited. Ripple tried to purchase Circle on April 30, but the $4 billion to $5 billion bid was rejected as being too low.
If Ripple or Coinbase were to buy Circle, the details of a purchase would differ. Ripple would pay using cash and XRP (XRP), a cryptocurrency that Ripple created. Coinbase, on the other hand, would use cash and stock.
Coinbase and Circle have a relationship dating to 2018, when they launched the Centre Consortium. That venture was meant to establish standards for fiat-backed stablecoins, including USDC. Coinbase also has an agreement with Circle to put USDC onto its exchange.
Circle filed for an IPO on April 1 with a goal to complete the process by the end of that month. The company backpedaled slightly on April 4, indicating it might delay its IPO due to economic uncertainty.
Related: New bull cycle? Bitcoin's return to $100K hints at ‘significant price move’
Market conditions for IPOs improve as tariffs waneIn December 2024, Bitwise predicted that 2025 would be the year of the crypto IPO, and that prediction is starting to bear fruit. Aside from Circle, crypto exchanges Gemini and Kraken are mulling IPOs in 2025 or early 2026 as US President Donald Trump has pushed for a more favorable regulatory environment for crypto in the United States.
Those plans were put on hold after the Trump administration enacted wide-ranging tariffs that caused market turmoil. With the tariffs now suspended or reduced, markets have rebounded.
On May 12, Cointelegraph reported that Bitcoin (BTC) was 4.8% away from reaching its all-time high of $109,800. Ether (ETH), XRP, and Solana (SOL) have also seen big gains in the past month. The stock market has rebounded as well, with the S&P 500 jumping 15.6% in the past month, according to Google Finance.
At least one company has benefited from completing its IPO during this period of renewed enthusiasm: eToro, an Israel-based trading company. After an IPO on May 14, its stock price jumped 29%.
Magazine: X Hall of Flame: Bitcoin will ‘start ripping’ as Trump’s polls improve — Felix Hartmann
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