According to CoinDesk, Circle’s private stock is currently trading on the secondary market, as informed by numerous sources.
Circle filed a secret S-1 form with the SEC in January in order to make its stock services available to the public.
CoinDesk, citing multiple sources, reports that Circle Internet Financial’s privately held stock is currently trading in the secondary market at a value of $5 billion to $5.25 billion.
CoinDesk continued, stating that Circle has permitted the trading of certain shares under specific, restricted conditions. The vendors are likely to be early-stage investors or Circle employees who are cashing in their options prior to the company’s public debut.
In January, Circle filed a confidential S-1 form to the Securities and Exchange Commission in order to make its equity services public.
Circle disclosed its intention to merge with Concord Acquisition Corp., a special purpose acquisition company, in July 2021, in pursuit of a $4.5 billion public offering. Two months before, the stablecoin creator got $440 million from Fidelity, Valor Capital Group, and Marshall Wace, an English hedge fund.
Circle canceled its initial agreement with Concord one year later and entered into new terms with the company. Circle’s valuation had increased to $9 billion by February 2022.
Nearly one year later, Circle would reconsider its potential for public trading in 2024. According to The Block’s Data Dashboard, Circle is the issuer of USDC, a USD-pegged stablecoin that accounts for approximately 21% of the total stablecoin supply. The 24-hour trading volume of the token is $6.6 billion, and its market capitalization is $33.6 billion.
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