Ripple’s $4–$5B Bid for Circle Called ’Penny-Pinching’ by Bloomberg Analysts

Ripple’s attempt to snag Circle at a $4–$5 billion valuation sparks Wall Street eye-rolls—another crypto giant lowballing amid the bear market.

Why it matters: The offer, if real, suggests Ripple’s playing hardball—or just banking on Circle’s desperation after USDC’s post-2023 regulatory bruises.

Behind the numbers: At $5B, the deal would value Circle at less than half its 2022 peak. Cue the ’crypto winters are brutal’ memes.

The kicker: Bloomberg’s sources call it ’a bargain hunt,’ not a strategic masterstroke. But hey, when life gives you cheap stablecoins…

Circle’s IPO

Circle officially filed for its IPO on April 1, aiming to list on the NYSE under the ticker “CRCL,” with a reported valuation between $4 to $5 billion. 

Despite generating $1.68 billion in revenue in 2024, Circle’s net income and EBITDA declined, raising concerns about high operational costs and slowing growth. 

The offer comes amid a wave of crypto dealmaking as token prices rebound and firms prepare for public listings. Other crypto firms including BitGo, Gemini, and Bullish Global have also reportedly considered IPOs. 

Ripple, which announced plans to launch its own RLUSD stablecoin in December, has been expanding its presence in the stablecoin sector. RLUSD currently has a market value of around $316.9 million, compared to USDC at $61.7 billion from Circle.