Ripple’s recent attempt to acquire Circle, the issuer of USDC, has been making headlines. Initially, it was reported that Ripple offered between $4 billion and $5 billion for the acquisition, but Circle rejected the offer. However, new sources now claim that Ripple has increased its bid to $20 billion, although no official confirmation has been provided.
John Deaton, a lawyer known for his support of XRP, commented on the situation. According to Deaton, Circle filed its S-1 registration with the SEC on April 1, 2025, with plans to go public on the New York Stock Exchange (NYSE) under the ticker symbol “CRCL.” JPMorgan Chase and Citigroup are listed as the lead underwriters for the IPO, which is expected to take place this summer.
Circle is reportedly aiming for a valuation between $4 billion and $5 billion, which aligns with Ripple’s initial offer. However, this valuation is still lower than the $9 billion Circle had hoped for during a failed SPAC merger in 2022.
Deaton suggests that Circle rejected the $5 billion offer because it anticipates a higher post-IPO value, potentially reaching or surpassing the $9 billion mark. He also points out the regulatory shift in favor of cryptocurrencies, citing pro-crypto policies and the possible passing of the STABLE GENIUS Act as indicators that a deal worth over $10 billion is not unrealistic.
Furthermore, Deaton raises questions about Ripple’s relationship with Coinbase, which already holds a minority stake in Circle. This raises the possibility of a bidding war between major players in the crypto industry.
At present, neither Ripple nor Circle has confirmed any details regarding their ongoing acquisition talks.
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