The Circle IPO, under the ticker “CRCL”, is aiming to be the biggest crypto stock launch of 2025.
Circle reported strong revenue growth of $1.67 billion in 2024, driven by interest from USDC reserves, but net income declined by 41.8% due to rising costs and distribution fees paid to Coinbase.
Circle maintains a close financial relationship with Coinbase, which ensures the widespread use of USDC but impacts Circle's profitability.
Circle's IPO filing aligns with the favorable U.S. regulatory climate and signals the industry's push for legitimacy and mainstream adoption.