1 days ago
Circle, the company behind the USDC stablecoin, has officially filed for an initial public offering with the U.S. Securities and Exchange Commission. According to the April 1 filing , Circle ( USDC ) intends to list its Class A common stock on the New York Stock Exchange with the ticker “CRCL.” The company’s filing indicates that some current shareholders will also sell shares, even though the quantity and price range of shares have not yet been made public. While sales from current holders will not benefit the business, Circle will profit from shares it sells directly. Major banks like JPMorgan and Citigroup will underwrite the IPO, and there will be a 30-day window for additional share purchases. Information about Circle’s performance can be found in its financial disclosures. The company’s reserve income and total revenue climbed from $1.45 billion in 2023 to $1.68 billion in 2024. Interest on reserves backing USDC accounted for a sizable amount of its profits. You might also like: Coinbase stock drops 30% last quarter, hits FTX collapse lows Despite the revenue increase, net income for 2024 fell to $156.9 million, down from $271.5 million in 2023, though still a significant improvement from a $761.8 million loss in 2022. Salaries ($263.4 million), administrative costs ($137.3 million), and IT infrastructure ($27.1 million) accounted for the largest portion of the $491.7 million operating expenses. Additionally, the business reported $54.4 million in other income and $4.3 million in losses on digital assets. The money raised from the IPO will go toward possible acquisitions , operational growth, and product development. A three-tiered share structure will be introduced by Circle’s IPO. Each Class A share, which will be offered for sale, has one vote. Co-founders Jeremy Allaire and Patrick Sean Neville own Class B shares, which are limited to 30% of the total voting power but have five votes each. Class C shares are convertible under specific circumstances, but they do not have voting rights. Following the cancellation of a $9 billion SPAC merger in 2021, this IPO marks Circle’s first attempt at a traditional public listing. Circle’s public debut signals its plan to further integrate into the financial sector as stablecoin adoption continues to grow. You might also like: Tether buys another $735M in BTC in Q1, bringing total holdings to $8.2B
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Ethereum Price Recovery Stalls—Bears Keep Price Below $2K
Ethereum price attempted a recovery wave above the $1,880 level but failed. ETH is now trimming all gains and remains below the $1,880 resistance zone. Ethereum failed to stay above the $1,850 and $1,880 levels. The price is trading below $1,850 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support at $1,865 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $1,865 and $1,890 resistance levels to start a decent increase. Ethereum Price Fails Again Ethereum price managed to stay above the $1,800 support zone and started a recovery wave, like Bitcoin . ETH was able to climb above the $1,850 and $1,880 resistance levels. The bulls even pushed the price above the $1,920 resistance zone. However, the bears are active near the $1,950 zone. A high was formed at $1,955 and the price trimmed most gains. There was a break below a key bullish trend line with support at $1,865 on the hourly chart of ETH/USD. A low was formed at $1,781 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $1,955 swing high to the $1,781 low. Ethereum price is now trading below $1,850 and the 100-hourly Simple Moving Average . On the upside, the price seems to be facing hurdles near the $1,850 level. The next key resistance is near the $1,865 level and the 50% Fib retracement level of the downward move from the $1,955 swing high to the $1,781 low. The first major resistance is near the $1,920 level. A clear move above the $1,920 resistance might send the price toward the $1,950 resistance. An upside break above the $1,950 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term. Another Decline In ETH? If Ethereum fails to clear the $1,865 resistance, it could start another decline. Initial support on the downside is near the $1,800 level. The first major support sits near the $1,780 zone. A clear move below the $1,780 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,680 support level in the near term. The next key support sits at $1,620. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $1,780 Major Resistance Level – $1,865 crypto.news
