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Stablecoin Issuer Circle Files for IPO After Big Revenue Report

Circle Internet Group filed for a long-awaited initial public offering with the US Securities and Exchange Commission on April 1. In its S-1 form, the company outlined plans to list its stock on the New York Stock Exchange under the symbol CRCL. The firm, which issues the second-largest stablecoin by market capitalization, USDC, also posted steadily increasing revenue. Circle reported a net income of $156 million on revenue of $1.68 billion in 2024, compared with a net income of $268 million on $1.45 billion in revenue the previous year. Circle Files for IPO $1.7B revenues (+16% y/y) $285M EBIDTA (-29% y/y) $155M Net Income (-42%) pic.twitter.com/qHldPakfRr — matthew sigel, recovering CFA (@matthew_sigel) April 1, 2025 Circle’s Long-Awaited IPO “Going public now is representative of the fact that we are at a significant crossroads for Circle and the development of the internet financial system,” said Circle CEO Jeremy Allaire in a letter to investors that was included in the prospectus. “While we are proud and confident about our ability to pursue this opportunity, our future (like our past) is rife with uncertainties and risks that we must navigate successfully,” he added. Circle’s public offering has been one of the most anticipated in the crypto industry, as it has been trying to do so for years. Details of the firm’s share sale, including the proposed price range and the number of shares, were not disclosed and will be disclosed in a later filing. “For Circle, becoming a publicly traded corporation on the NYSE is a continuation of our desire to operate with the greatest transparency and accountability possible,” said Allaire, who added: “We are building what we believe to be critical infrastructure for the financial system, and we seek to work with leading companies and governments around the world in shaping and building this new internet financial system.” USDC is the second-largest stablecoin behind Tether’s USDT, with a circulation of $60 billion and a market share of around 25%. Tether, which boosted its Bitcoin reserves with a $735 million purchase this week, remains the clear industry leader with a 60% market dominance. Trump Son’s Mining Firm Plans IPO In related news, a crypto mining venture announced this week between Hut 8 and an investor group that includes two sons of US President Donald Trump, called American Bitcoin Corp., also announced plans to go public eventually. Hut 8 CEO Asher Genoot told Bloomberg on April 1 that, in the long term, it would be seen as two sister publicly traded companies. Eric Trump, who co-founded American Bitcoin, said, “By combining Hut 8’s proven operational excellence in data centers with our shared passion for Bitcoin and decentralized finance, we are poised to strengthen our foundation and drive significant future growth.” The post Stablecoin Issuer Circle Files for IPO After Big Revenue Report appeared first on CryptoPotato . Crypto Potato

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VanEck Seeks SEC Approval for US’s First BNB ETF in Delaware Filing

VanEck, a prominent American investment management firm, is set to launch the first Binance Coin (BNB) exchange-traded fund (ETF) in the United States. On March 31st, the firm filed to establish a trust entity in Delaware under filing number 10148820, as confirmed by public records on the state’s official website . This development serves as a preliminary measure before a formal application is submitted to the US Securities and Exchange Commission (SEC). If approved, the VanEck BNB ETF would become the first US-based ETF to track the price of Binance Coin, the fifth-largest cryptocurrency by market capitalization. While BNB-related products, such as the 21Shares Binance BNB ETP, are available in international markets, no similar ETF exists in the US. VanEck previously introduced spot Bitcoin and Ether ETFs in January and July 2024, respectively, after obtaining SEC approval. It also registered standalone ETFs for Solana and Avalanche in Delaware. Meanwhile, the latest filing did not immediately impact BNB’s market performance. In fact, the cryptocurrency is trading at approximately $605, with a 1.36% decline in the past 24 hours and a 4.3% drop over the past week. BNB witnessed modest gains after President Donald Trump’s financial venture, World Liberty Financial (WLFI), announced the launch of USD1, a USD-backed stablecoin built on the BNB Chain, last week. It briefly surged to about $620 on March 25th, followed by another uptrend above $640 three days later before declining again. In related news, Binance founder Changpeng ‘CZ’ Zhao announced that he is donating 500 BNB to aid victims of the Myanmar and Thailand earthquake. The former chief executive also sought suggestions on the most effective way to distribute the BNB for relief efforts. The post VanEck Seeks SEC Approval for US’s First BNB ETF in Delaware Filing appeared first on CryptoPotato . Crypto Potato