We don't have much interest in IPO shares, you can't get much of the ones you want, there's usually an opportunity to purchase the stock at a better risk-adjusted valuation somewhere down the road, etc.
We do however treasure the information, corporate, industry, and macro, contained in the offering documents.
From PitchBook, April 1:
Circle, the company behind the popular stablecoin USDC, has filed to go public on the New York Stock Exchange under “CRCL,” according to a regulatory filing on Tuesday.
Circle’s long-rumored IPO will be closely watched by the crypto industry as it hopes for a favorable listing environment.
“For VCs, strong demand for Circle’s listing could serve as a proof point that there is a viable exit path for crypto investments via traditional public markets—a shift that might encourage additional capital inflows into crypto startups,” said Robert Le, senior analyst at PitchBook. The company has raised $1.2 billion in total venture funding, according to PitchBook data.
The company had $155.7 million in net income on $1.7 billion in revenue in 2024. In 2023, Circle had $267.6 million in net income on $1.5 billion in revenue. Nearly all of its revenue (at least for the last three years) has come from its stablecoin-related reserves....
....MUCH MORE
