Kategorie: Crypto News

• Circle is reportedly in talks to sell to Coinbase or Ripple despite IPO plans.
• Coinbase holds strong control and financial leverage over Circle.
• Ripple’s $5B bid was rejected amid higher IPO valuation targets.

Despite having filed for an initial public offering (IPO) last month, Circle Internet Financial, the company behind the USDC stablecoin, is reportedly engaged in discussions of a possible sale to either Coinbase Global or Ripple, as per a Fortune report, citing sources familiar with the matter.

The future of Circle’s IPO

While Circle remains committed to its IPO, it has not yet scheduled a roadshow or disclosed specific terms.

The company is believed to be targeting a valuation of at least $5 billion, whether through public markets or via a strategic buyout.

Behind the scenes, conversations with both Coinbase and Ripple about potential sales have reportedly gained momentum, pointing to the dual-track approach Circle appears to be pursuing.

Coinbase emerges as the most likely Circle buyer

Coinbase has emerged as the more likely acquirer, largely due to its close commercial ties with Circle and its influence over the governance of USDC.

The two companies co-founded the Centre Consortium in 2018 to launch the dollar-backed stablecoin, and although Centre was dissolved in 2023, the partnership’s legacy endures.

Following the consortium’s conclusion, Coinbase acquired an equity stake in Circle and retained significant operational leverage over the stablecoin issuer.

According to insiders, Coinbase’s influence over Circle includes rights related to insolvency scenarios and approval authority over any major distribution or partnership deals involving USDC revenue.

These terms, embedded in the existing agreement, suggest that Coinbase holds considerable sway over Circle’s strategic direction.

As a result, many in the industry believe Coinbase is the most logical buyer, especially considering its strong balance sheet and deep integration with Circle’s operations.

Financially, Coinbase is well-positioned to pursue such an acquisition.

With approximately $8 billion in cash reserves and the capacity to raise additional capital through public markets, the exchange has the firepower to make a competitive offer.

Additionally, Coinbase currently benefits from receiving 100% of the revenue generated by USDC held on its platform, making a full acquisition a potentially lucrative long-term move.

Ripple made a $4-5 billion offer

Ripple, on the other hand, is not out of the picture. Backed by a vast reserve of XRP tokens, valued at over $100 billion when including assets held in escrow, Ripple reportedly made an acquisition offer in the range of $4 billion to $5 billion.

However, that bid was ultimately turned down by Circle, which is aiming for a higher valuation.

Despite the rejection, Ripple’s strong capital reserves mean it could remain a contender should the terms become more favourable.

As Circle weighs its options, the decision will likely hinge on market conditions, investor appetite, and the comparative benefits of a public offering versus a private sale.

While the recent success of eToro’s public debut may offer encouragement for a Circle IPO, the strategic synergies of a sale, particularly to Coinbase, could prove too compelling to ignore.

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• The regulator said it was “instituting proceedings” to consider the 21Shares Core Solana ETF and the Bitwise Solana ETF, according to filings released Monday.
• The SEC is currently reviewing more than 70 cryptocurrency ETF applications.
• Crypto investment products attracted $785 million in net inflows last week, according to CoinShares.

The US Securities and Exchange Commission has postponed its decision on two proposed exchange-traded funds tied to Solana, while inviting public comment as part of its review process.

The regulator said it was “instituting proceedings” to consider the 21Shares Core Solana ETF and the Bitwise Solana ETF, according to filings released Monday.

“Institution of proceedings does not indicate that the Commission has reached any conclusions,” the SEC said.

“Rather, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.”

The agency is currently evaluating a growing number of crypto ETF proposals beyond Bitcoin and Ethereum, with filings covering a range of assets including Solana, XRP, Dogecoin, Cardano, and Litecoin.

The current round of reviews comes amid a shift in regulatory tone under the Trump administration.

The crypto ETF waitlist

The SEC is currently reviewing more than 70 cryptocurrency ETF applications, ranging from products tied to major altcoins like XRP, Solana, and Litecoin to more speculative meme-themed and leveraged offerings.

Bloomberg ETF analyst Eric Balchunas described the current queue as “wild,” highlighting the breadth of filings, which include references to “Penguins, Doge, and 2x Melania.”

This wave of applications follows two landmark approvals by the agency: spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July. Both were viewed as significant milestones for mainstream adoption of crypto investment vehicles.

According to Bloomberg estimates from February, Litecoin ETFs have the highest likelihood of approval at 90%, with Dogecoin ETFs following at 75%.

Crypto ETPs inflows continue

Amid the regulatory developments, crypto investment products attracted $785 million in net inflows last week, according to CoinShares.

This marked the fifth straight week of gains, bringing total 2025 inflows to $7.5 billion and fully offsetting the $7 billion withdrawn earlier this year during a market correction.

Assets under management in crypto ETPs reached $172.9 billion globally, nearing all-time highs.

US-based products led with $681 million in inflows, followed by Germany at $86.3 million and Hong Kong at $24.2 million — its largest since November 2024. Sweden, Canada, and Brazil recorded modest outflows.

Solana-based products, despite the ETF headlines, saw net outflows of $0.9 million last week.

XRP and Sui drew $5 million and $9.3 million in inflows, respectively, while Cardano and Chainlink also saw minor gains.

21Shares, already active in the US through its spot Bitcoin and Ethereum ETFs with Ark Invest, has recently expanded its filings to include Solana, Dogecoin, XRP, and Polkadot.

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