Circle CEO: The company is currently in good financial condition and does not need to seek funding, and is continuing to pursue going public
On October 27th, Jeremy Allaire, CEO of Circle Internet Financial Ltd., stated in a recent interview that the company has long desired to go public and this vision remains unchanged.
The company does not need to raise funds from private markets but continues to seek listing. "We are very committed to going public. We can become a truly interesting company on the open market," said Allaire. After failing to merge with special purpose acquisition company Concord Acquisition Corp in 2022, Circle's path towards listing has been fraught with difficulties. Earlier this year, Circle chose a more traditional route and secretly submitted an IPO registration draft to the U.S SEC in January.
In the nine and a half months since submitting the IPO registration draft, Allaire declined to comment on any contact between the company and SEC or other regulatory agencies. During this period, US government launched massive crackdowns on companies in cryptocurrency industry. Although waiting for IPO approval process took quite some time, Allaire stated there was no need for additional fundraising: "Our financial situation is good enough for us build solid business; we're currently not seeking any funding," he said.
According to reports from June, the company has been strengthening its team throughout this year in preparation for going public. The hiring spree was also driven by optimistic sentiments about regulation - Washington lawmakers might eventually provide some regulatory framework for stablecoin legislation. Capitol Hill is considering drafts of several cryptocurrency-related bills; people are strongly optimistic that stablecoin legislation could even pass during lame-duck session after November elections according to Allaire who added new regulations will reassure more traditional finance participants (including banks asset management firms payment companies) entering digital assets ecosystem: "They would only cooperate with regulated infrastructure which we have already prepared." (Bloomberg)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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