Circle Internet Financial and American Bitcoin Corp. are each making moves toward the public markets, reflecting a broader trend of cryptocurrency companies seeking new funding avenues and long-term growth strategies. Circle, the issuer of stablecoin USDC, filed for an initial public offering on the New York Stock Exchange, while American Bitcoin Corp.—a mining venture backed by Donald Trump Jr. and Eric Trump—is exploring an IPO following a strategic merger with Hut 8.
Circle Files for NYSE Public Listing Amid Rising Revenues, Shrinking Profits
Circle Internet Financial, the issuer of the world’s second-largest stablecoin USDC, has officially filed paperwork with the US Securities and Exchange Commission (SEC) to go public on the New York Stock Exchange (NYSE). The company disclosed its intentions in a Form S-1 registration statement submitted on April 1, confirming that it plans to list its Class A common stock under the ticker symbol "CRCL."
While Circle has not yet disclosed the number of shares it plans to offer or its initial IPO target price, the filing marks a significant milestone in the company's long-standing ambition to become a publicly traded entity. This move comes after two previously abandoned attempts — a failed Special Purpose Acquisition Company (SPAC) merger in 2021 and a confidential filing made in January 2024.
The financial details revealed in the S-1 filing present a mixed picture of Circle’s performance over the past three years. In 2024, the company reported revenue of $1.67 billion, reflecting a solid 16% year-on-year increase. However, despite this growth in top-line income, net profits declined sharply.
Circle financials (Source: SEC)
Circle posted a net income of $155.6 million for 2024, representing a substantial 41.8% drop compared to the previous year. The filing highlighted that while revenues grew, higher operational costs, particularly distribution payments to key partners, heavily impacted profitability. Notably, Circle paid a staggering $908 million last year to its primary distribution partner, Coinbase, for the circulation of USDC on its platform — a cost that has surpassed Circle’s own earnings from its stablecoin business.
The financial disclosure also sheds light on Circle's operational strategy, revealing that over 99% of its revenue stems from its stablecoin reserve holdings. Circle generates most of its income by investing USDC reserves in short-term, yield-bearing US Treasury bills — a common practice among stablecoin issuers to monetize deposited funds while maintaining the liquidity needed for redemptions.
In addition to its reserve-based income, Circle's filing revealed the company's exposure to major cryptocurrencies. The firm holds approximately $6.2 million worth of Bitcoin (BTC), $5.6 million in Sui (SUI), and $3.3 million in Ether (ETH). It also has smaller holdings in Sei (SEI), Aptos (APT), and Optimism (OP).
While these digital asset holdings represent only a fraction of Circle's total balance sheet, they suggest an effort by the company to maintain a diversified crypto portfolio alongside its core stablecoin business.
If successful, Circle's public listing will mark one of the first IPOs by a stablecoin issuer on a major US stock exchange, cementing the company's role as a cornerstone of the crypto-financial ecosystem.
This move follows Circle’s recent regulatory milestone in Japan. On March 25, Circle became the first stablecoin issuer to receive regulatory approval in the country, enabling it to launch USDC trading on the SBI VC Trade exchange a day later.
USDC is currently the second-largest stablecoin in the market, with a market capitalization of approximately $60.1 billion, according to CoinGecko. It trails only Tether (USDT), which maintains a dominant $143.9 billion market cap.
Industry-Wide IPO Interest
Circle’s IPO filing is part of a broader wave of crypto industry players eyeing public listings. Major firms including crypto exchange Kraken and blockchain infrastructure company BitGo are reportedly exploring plans to go public either later this year or in early 2026, signaling growing institutional interest and regulatory clarity in the digital asset space.
While the timeline and valuation for Circle’s IPO remain unclear, the filing will undergo rigorous review by the SEC, which could take months. Investors, analysts, and the broader crypto community will closely watch how the SEC approaches Circle’s listing, especially amid an evolving regulatory landscape for stablecoins in the US.
Trump-Backed Bitcoin Mining Firm Eyes IPO After Strategic Merger with Hut 8
In related news, American Bitcoin Corp., a cryptocurrency mining firm backed by members of the Trump family, is reportedly preparing for a public debut as part of a broader strategy to raise additional capital and expand its operations. According to an April 1 report by Bloomberg, the company is actively exploring an initial public offering (IPO) following its recent strategic merger with publicly listed Bitcoin mining company Hut 8.
The news follows the March 31 announcement that Hut 8 has acquired a majority stake in American Bitcoin Corp., formerly known as American Data Centers. The Trump family’s involvement in the company is notable, with its founders including Donald Trump Jr. and Eric Trump — signaling a rare intersection between American political dynasties and the cryptocurrency mining sector.
A New Bitcoin Mining Powerhouse
As part of the acquisition, Hut 8 transferred its Bitcoin mining hardware and resources into American Bitcoin, creating a powerful mining entity with ambitions to dominate the US crypto mining landscape. While American Bitcoin will remain laser-focused on Bitcoin mining activities, Hut 8 is pivoting toward developing and operating high-performance data centers for artificial intelligence (AI) and other energy-intensive computing needs.
Asher Genoot, CEO of Hut 8, described the transaction as a strategic evolution aimed at reducing capital costs and enhancing revenue predictability.
“You can see this in the long term as two sister publicly traded companies — one that is energy, infrastructure, data centers, and the other one that’s Bitcoin mining, reserves, and AISCs [All-In Sustaining Costs]. Together, they form a vertically integrated company that has some of the best economics out there,” Genoot stated.
This ambitious vertical integration strategy is designed to consolidate Bitcoin mining, infrastructure services, and high-performance computing into a single, streamlined ecosystem.
According to Bloomberg, American Bitcoin Corp. is now considering an IPO as part of its broader capital-raising strategy. The timing and specifics of the public offering remain undisclosed, but sources familiar with the matter suggest that the company may pursue this move later this year or in early 2026, depending on market conditions and regulatory approvals.
The Trump family’s involvement, along with the recent Hut 8 acquisition, positions American Bitcoin as a politically high-profile player in an industry facing increasing regulatory and environmental scrutiny in the US.
The company is also reportedly collaborating with Bitmain, the Chinese manufacturer of Bitcoin mining hardware. Bitmain’s involvement could spark further attention and regulatory interest, especially following US sanctions imposed on Sopghgo, Bitmain’s artificial intelligence affiliate.
The formation of American Bitcoin Corp. and its IPO ambitions come at a time when the crypto mining industry is facing significant financial headwinds. The latest Bitcoin halving event in April 2024 slashed miner rewards from 6.25 BTC to 3.125 BTC per block, cutting directly into miners’ revenue streams.
In response, many mining companies, including Hut 8, have begun pivoting to alternative business lines, such as data center infrastructure and AI-related computing services. This trend is seen as a defensive strategy to mitigate the impact of declining Bitcoin prices and reduced block rewards.
According to a March report by Coin Metrics, miners are “diversifying into AI data-center hosting as a way to expand revenue and repurpose existing infrastructure for high-performance computing.” The report notes that this pivot could offer miners more predictable revenue streams compared to the volatile crypto market.
JPMorgan’s recent analysis also highlighted the mounting financial pressure on Bitcoin miners in 2025, noting that declining cryptocurrency prices have compounded the challenges triggered by the latest halving event.
Bitcoin’s price versus the network’s hashrate. (Source: JPMorgan)
A Political Undertone
American Bitcoin’s Trump family ties add a unique political dimension to its public listing plans. The Trumps' growing involvement in the crypto industry mirrors the broader trend of political figures and celebrities entering the digital asset space, often stirring debate about the implications of such high-profile endorsements.
Given the increased regulatory focus on cryptocurrency mining's energy consumption and geopolitical associations, American Bitcoin’s potential IPO is expected to draw heightened scrutiny from regulators and environmental advocates alike.
If American Bitcoin successfully completes its IPO, it will further cement the Trump family’s influence in the crypto world while reshaping the competitive landscape of Bitcoin mining in North America. The merged entity’s vertical integration strategy, combined with the diversification efforts of its parent company, Hut 8, suggests a new era of mining operations — one that combines traditional crypto mining with the rapidly growing demand for AI and data center services.
