Circle, the stablecoin issuer, has been the subject of intense speculation regarding its planned IPO. After a deal to list on the New York Stock Exchange fell through in 2022, the company has been working towards a public float. Recent developments suggest that the long-awaited event could be imminent.

In a significant move, Circle applied to relocate its legal domicile from Ireland to the US last month. This relocation could be a precondition for its IPO, and if the necessary paperwork is finalized, Circle could trigger the event as soon as mid-July. The processing of legally relocating a business typically takes around 8 weeks, which means Circle could be registered in the US by mid-July.

When Circle submitted its IPO proposal to the Securities and Exchange Commission in January, it was reported that the firm was aiming to go public in the second half of 2024. However, considering the typical timeframe for an IPO, July seems optimistic. As a general rule of thumb, after a firm files its S-1 form with the SEC, six months is the minimum amount of time that passes before it floats.

To gauge how Circle might proceed with an IPO, it's essential to consider its previous failed SPAC deal. In 2022, Concord Acquisition Corp was on course to acquire Circle for $9 billion, with Class A common stock priced at $11.50 per share. While Circle doesn't publish its earnings, the majority of these stem from USDC reserves, which have increased since early 2022. Given these factors, Circle's valuation would likely be even higher today.

In conclusion, Circle's planned IPO could be imminent, with the company's relocation to the US potentially triggering the event by mid-July. While July seems optimistic, considering the typical timeframe for an IPO, the company's previous failed SPAC deal and increased USDC reserves suggest that Circle's valuation would likely be even higher today.