Rumors of Ripple's bid for Circle have been swirling since last week, with initial reports suggesting an offer between $4 billion and $5 billion was rejected by Circle. Now, a new source claims the offer was actually for $20 billion, but no official confirmation has been made.
Weighing in on the situation, pro-XRP lawyer John Deaton highlighted that Circle filed its S-1 registration with the SEC on April 1, 2025, planning to go public on the New York Stock Exchange (NYSE) under the ticker "CRCL." JPMorgan Chase and Citigroup are listed as the lead underwriters, and the IPO is expected to launch this summer.
This aligns with previous reports that had pegged July or August as the timeframe for Circle's IPO, aiming for a valuation of $4 billion to $5 billion. This valuation range is still lower than the $9 billion valuation that Circle had in mind during a failed SPAC merger in 2022, but it wouldn't be surprising if they were holding out for a better price.
Deaton speculates that this could be why Circle rejected the reported $5 billion offer from Ripple, as they are expecting to reach a higher post-IPO value, possibly closer to or above that $9 billion mark. He further points out the recent regulatory shift in favor of crypto, with pro-crypto policies and the possible passing of the STABLE GENIUS Act, as signs that a $10 billion+ deal wouldn't be unrealistic in the current climate.
"Maybe they'll get STABLE GENIUS passed this week in the House and the whole burning bush will descend on the Senate and they'll pass it on Thursday,"
Deaton muses. He concludes by questioning Ripple's relationship with Coinbase, which already owns a minority stake in Circle, hinting at the possibility of a bidding war between major crypto players.
"Is there some sort of conflict with Coinbase since they already own a piece of Circle? Could this spark a bidding war? Lots of rumors flying around."
As of now, both Ripple and Circle have not confirmed any details of ongoing acquisition talks.
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