Top crypto news: VanEck hints at BNB ETF, Circle files S-1 application for IPO

Asset manager VanEck registered a BNB Trust in Delaware on Tuesday, marking its intention to register for an ETF product with the Securities & Exchange Commission (SEC). Likewise, US-based stablecoin issuer Circle filed an S-1 application with the SEC to begin offering its Class A common stock shares in an Initial Public Offering (IPO).

Circle files S-1 application, VanEck applies for ETF in Delaware

USDC stablecoin issuer Circle officially submitted an S-1 filing to the SEC on Tuesday for an Initial Public Offering (IPO). The filing stated that Circle plans to offer shares of its Class A common stock, which has not previously been listed on a public market.

Circle intends to trade the stocks on the New York Stock Exchange (NYSE) under the ticker symbol "CRCL." However, the company has not yet disclosed how many shares will be available for purchase or the expected price range for its IPO.

"For Circle, becoming a publicly traded corporation on the New York Stock Exchange is a continuation of our desire to operate with the greatest transparency and accountability possible," Circle CEO Jeremy Allaire stated in the filing.

Circle also revealed that it generated $1.67 billion in revenue in 2024, reflecting a 16% increase compared to the prior year. Despite this growth, the firm's net income for the year was $155.6 million, marking a sharp 41.8% decline from 2023.

This follows reports on Monday suggesting that Circle has enlisted JPMorgan Chase and Citigroup to assist with its initial public offering.

The company confirmed in a press release that JPMorgan Chase will take the lead role as the active book-runner, working alongside Citigroup. Other financial institutions involved in the book-running team include Barclays, Deutsche Bank, and SG Americas.

Circle's intentions to go public have been in the works for several years, with multiple attempts and strategic moves leading up to its recent IPO filing. 

The stablecoin issuer initially sought to go public through a $9 billion merger with a Special Purpose Acquisition Company (SPAC) in 2022. The deal eventually fell apart in December of the same year due to delays from the SEC in approving its business registration statement.

Meanwhile, asset manager VanEck has registered the VanEck BNB Trust in Delaware, indicating that the company could be planning to register with the SEC, according to an X post by former Binance CEO Changpeng Zhao.

This is the first time a company is filing for a BNB Trust in Delaware, which is usually the prior step to submitting an application with the SEC. VanEck has also submitted ETF applications to launch an Avalanche and Solana ETF.