Circle is moving ahead with its IPO plans, aiming for a $5 billion valuation, but is also exploring a possible acquisition by Coinbase or Ripple, according to a Fortune report.
While talks are still early and informal, Coinbase is seen as the more likely buyer due to its deep integration with Circle’s USDC stablecoin.
The two firms were co-founders of USDC, but Circle took full control in 2023. Coinbase still benefits from a revenue-sharing deal and holds influence over Circle’s USDC partnerships and IP rights in case of insolvency—factors suggesting a close strategic relationship.
Ripple reportedly made a $4–$5 billion offer, partly in XRP, but Circle rejected it. Insiders say Coinbase, with $8 billion in cash and recent acquisitions like Deribit and Spindle, is better positioned for a deal.
Despite the M&A chatter, Circle remains focused on going public, though the outcome could shift as the situation evolves week by week.
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