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Investing.com -- Circle Internet Group Inc., a provider of stablecoin, has publicly filed for its long-anticipated initial public offering (IPO). The company aims to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol "CRCL". The number of shares to be offered and the price range for the proposed offering have not yet been disclosed.

Circle and its selling stockholders have provided the underwriters, which include J.P. Morgan and Citigroup (NYSE:C), with an option to purchase additional shares to cover over-allotments for a period of 30 days. However, the specific number of shares for this option has not been disclosed.

The company's revenue and reserve income have been growing steadily. In 2024, Circle reported total revenue and reserve income of $1.68 billion, an increase from $1.45 billion in 2023 and significantly higher than the $772 million reported in 2022.

However, the company's net income for 2024 stood at $156 million, a decrease from $268 million in 2023, but a significant improvement from 2022 when the company reported a net loss of $769 million.

Circle's adjusted EBITDA for 2024 was reported at $285 million, down from $395 million in 2023, but higher than the $96 million reported in 2022.

The company's mission, as detailed in the SEC filing, is to augment global economic prosperity through the frictionless exchange of value. Circle believes that the global financial system can be rebuilt on the principles of the internet, leveraging open software and public networks, to benefit all of society.

Circle aims to build the largest and most widely used stablecoin network in the world. The company views the market opportunity of the Circle stablecoin network as encompassing the entire global monetary supply. This opportunity is expected to grow considerably as developing nations increasingly participate in the globally interconnected financial marketplace.

Circle's growth strategy involves building and promoting a suite of products that foster the expansion of the Circle stablecoin network. The company works with financial institutions, consumer financial applications, and payment enterprises to ensure that Circle Mint customers have readily available access to Circle stablecoins around the globe.

The company also builds and supports stablecoin infrastructure designed to enable Circle stablecoins to flow safely and easily across blockchain networks. In addition, Circle provides easy-to-use, cloud-based tools aimed at simplifying the underlying technology for developers, making it easier for them to build, deploy, and operate innovative applications using the Circle stablecoin network.

This content was originally published on http://Investing.com