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Highlights
- Circle has plans to increase it staff count this year
- The move is aimed at positioning its workforce ahead of its public listing
- The Circle IPO has passed through hoops with approval expected soon
Circle Internet Financial Ltd. has announced plans to fill up several positions on its team as it prepares to go public in the United States via the IPO route. This plan to boost its headcount was first reported by Bloomberg.
Circle Fills Top Executive Positions
Within the first half of 2024, the USDC stablecoin issuer said it increased its employee headcount by 15%.
This percentage represents the 137 positions that were filed in the company between January to date. Circle has revealed that it has about 140 more positions to fill across its different teams including business development, engineering, and marketing. According to one of the firm’s spokespersons, Circle has a total of 882 employees and are expecting 24 others who recently accepted job offers.
Some of the new faces in Circle are its Chief Accounting Officer Tamara Schulz and Business Development Director for Exchanges Pierre Carras. They are both only about a month old on the job considering that they started in May. Both featured these updates on their individual LinkedIn accounts.
On the other hand, Sterling Barnett who is now Circle’s director of business development, joined in April. He is charged with leading North American and European exchange partnerships for Circle.
The Journey Towards Circle IPO Greenlight From the SEC
For several years, Circle has mulled the idea of conducting an Initial Public Offering (IPO). It once attempted to go public through a Special-Purpose Acquisition Company (SPAC) in 2022. However, the deal did not go as planned. The deal, valued at $9 billion at the time, was terminated in December 2022. The firm cited the US Securities and Exchange Commission’s (SEC) delay in declaring the business registration statement effective.
In Q4 2023, it began to make plans again to join the likes of Coinbase (COIN) in the public market. By January 2024, it officially filed for an IPO in the United States. No specific details regarding the number of shares it plans to sell or the proposed price range for the IPO were revealed to the public.
The SEC is yet to complete its review process as it has not provided a response to the stablecoin issuer on its filing. However, Circle’s decision to reapply underscores its determination to going public, as highlighted by its CEO, Jeremy Allaire.
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