What to know:
- Circle, that charming little company, has decided to flirt with the idea of selling itself to Coinbase or Ripple instead of going through the tiresome IPO charade, as reported by Fortune.
- In a rather informal tête-à-tête, Circle was reportedly angling for a princely sum of at least $5 billion. Quite the asking price, wouldn’t you say? 💸
- This figure aligns perfectly with the lofty valuations bestowed upon it by the illustrious investment banks, JPMorgan and Citi, who Circle had the audacity to hire for its IPO escapade.
Ah, the stablecoin issuer Circle, which recently filed for an initial public offering (IPO) — how quaint! It has now taken a detour to explore the possibility of a sale to the likes of Coinbase (COIN) or the ever-ambitious Ripple, according to a delightful Monday report by Fortune.
Based in the bustling metropolis of New York, Circle, the proud issuer of USDC (the second-largest stablecoin, mind you), has engaged in informal discussions about a potential sale, seeking a staggering $5 billion, as per sources who prefer to remain in the shadows. How mysterious! 🕵️♂️
This eye-watering figure is in line with the valuations that the esteemed JPMorgan and Citi have assigned to Circle, who they graciously assisted in its IPO endeavors.
Interestingly, Coinbase holds a minority stake in Circle, and the two companies share the spoils from USDC’s reserve interest income. Meanwhile, Ripple has recently introduced its own stablecoin, RLUSD, because why not? An offer from Ripple to acquire Circle was, however, met with a resounding “no, thank you,” as reported by Bloomberg last month.
In a rather cheeky email statement, Circle declared that it “is not for sale,” and remains steadfast in its commitment to going public. One must admire their tenacity! Fortune also noted that the company had previously aborted a rather ambitious attempt at going public via a special purpose acquisition company (SPAC) merger back in 2021. Ah, the drama! 🎭
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2025-05-20 13:48