Circle’s Bold Denial: No Sale to Coinbase or Ripple, Just IPO Dreams!

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In a world where whispers of acquisition flutter like autumn leaves, Circle, the proud issuer of the USDC stablecoin, has taken a resolute stand against the tide of speculation. “We are not for sale!” they proclaim, as if the very notion were a blasphemy against their noble aspirations. The reports suggesting informal discussions with Coinbase or Ripple? Mere shadows on the wall of a cave, my friends! 🏰

This firm denial emerges from the depths of a report by PYMNTS, which, in its wisdom, reminds us that Circle is steadfastly focused on its initial public offering (IPO), a venture they first filed for back in the distant April. Ah, the sweet scent of ambition! 🌱

Circle’s IPO: A Beacon Amidst Acquisition Whispers

A spokesperson for Circle, perhaps channeling the spirit of a stoic philosopher, declared, “Circle is not for sale. Our long-term goals remain the same.” This declaration follows the musings of Seeking Alpha, which, in a paywalled article from Fortune, hinted at Circle’s desire for a valuation of at least $5 billion in its negotiations with the likes of Coinbase and Ripple, as well as in their forthcoming IPO. A lofty goal, indeed! 💰

Earlier tales had suggested that Circle turned down a takeover bid from Ripple, which danced between the realms of $4 billion and $5 billion, deeming the offer insufficient. Ripple, ever the suitor, continues to express interest, yet has not yet decided on a new proposal, as Circle remains steadfast in its IPO pursuit. The drama unfolds! 🎭

Circle’s IPO ambitions have seen a resurgence, like a phoenix rising from the ashes of a previous delay in December 2022. On April 1, 2024, they announced the engagement of investment banks to underwrite the IPO, though the exact timing remains shrouded in mystery. ⏳

Titans of Growth

In recent weeks, Ripple has made headlines by acquiring prime brokerage Hidden Road for a staggering $1.25 billion, positioning itself as the first cryptocurrency firm to own and operate a multi-asset prime broker. A bold move, indeed! 🏦

Meanwhile, Coinbase has not been idle. On May 9, they announced plans to acquire Dubai-based crypto derivatives exchange Deribit for $2.9 billion, aiming to solidify their position in the global derivatives market. The race is on! 🏁

In addition to its IPO endeavors, Circle has also been pursuing strategic acquisitions. On January 21, they announced their acquisition of Hashnote, the issuer of the USYC stablecoin, incubated by Cumberland Labs, the largest tokenized treasury and money market fund globally. A strategic masterstroke! 🎯

Jeremy Allaire, the CEO of the stablecoin issuer, remarked that this acquisition would unlock significant potential in a market increasingly driven by institutional adoption, where participants expect market structures akin to traditional finance. The future is bright! 🌟

As we pen this tale, XRP, the fourth largest cryptocurrency by market cap, trades at $2.31, struggling to ride the coattails of Bitcoin’s (BTC) recent momentum after reaching a new all-time high. Alas, the altcoin has registered losses of 9% in the past fourteen days. The fickle nature of fortune! 💔

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2025-05-27 08:43