On April 1st, 2025, Circle filed its S-1 registration with the SEC, signaling its intention to list on the New York Stock Exchange as “CRCL.” This IPO, backed by JPMorgan Chase and Citigroup, is expected this summer. Circle aims for a valuation between $4 billion and $5 billion. Ripple’s recent offer of $5 billion was rejected, likely due to Circle’s belief that its post-IPO valuation will exceed the proposed deal. The firm anticipates exceeding its 2022 SPAC deal value of $9 billion following market improvements since then. 60% of Ripple’s bid would have been paid in Bitcoin. Circle expects to benefit from a favorable regulatory environment. This includes the pro-crypto stance of the current administration and the anticipated passage of the STABLE GENIUS Act, both creating a fertile ground for their IPO success and potentially pushing their valuation closer to $10 billion. This move showcases Circle’s ambition to evolve beyond its stablecoin issuer status, aiming for long-term growth in the burgeoning crypto infrastructure space.