Circle, the company behind the USDC stablecoin, remains committed to going public but is also reportedly in informal acquisition talks with Ripple and Coinbase, according to a report from Fortune.
The potential sale, however, hinges on a hefty valuation—at least $5 billion—matching Circle’s IPO target.
Ripple is said to have made a $4–$5 billion bid to acquire Circle on April 30, but the offer was turned down for falling short of the company’s expectations. If a sale materializes, payment methods will vary: Ripple reportedly uses a mix of cash and XRP, while Coinbase is likely to offer cash and stock.
The discussions come as Circle, which filed for an IPO on April 1, weighs market conditions and potential delays. Although initially targeted at an end-of-April IPO window, Circle signalled hesitation just days later, citing economic uncertainty.
Despite the pause, Circle’s IPO ambitions reflect broader trends in the crypto space. Bitwise predicted late last year that 2025 would mark a boom in crypto-related IPOs—a forecast that’s beginning to play out. Hunter Horsley, CEO of Bitwise Asset Management, pointed out that the potential deregulation of mergers and acquisitions under the Trump administration could enable tech giants like Google and Amazon to grow further through strategic acquisitions. Gemini and Kraken are also exploring public listings, spurred by a friendlier regulatory tone from President Trump’s administration.
These plans had been in limbo amid tariff-related market turbulence earlier this year. But with those tariffs now eased, financial markets have bounced back. The S&P 500 surged 15.6% over the past month, while Bitcoin is nearing its all-time high of $109,800. Other major cryptocurrencies, including Ether, XRP, and Solana, have also posted significant gains.
In a sign of renewed investor appetite, Israel-based trading platform eToro went public on May 14, with its stock soaring 29% on debut, according to Yahoo Finance data.
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