‘Not for Sale’: Circle Dismisses Ripple and Coinbase Acquisition Rumours Amid Billion-Dollar IPO Drive

Circle Denies Sale Rumours Amid Ripple and Coinbase Interest

Stablecoin issuer Circle has firmly rejected recent speculation about a potential sale to crypto firms Ripple Labs or Coinbase.

A spokesperson for Circle told PYMNTS,

“Circle is not for sale. Our long-term goals remain the same.”

This statement directly addressed reports of the firm being in talks with two San Francisco-based companies.

This follows a flurry of media coverage claiming Circle was exploring a sale valued at around $5 billion — the same figure it aims to achieve through its upcoming Initial Public Offering (IPO).

A paywalled Fortune article suggested informal negotiations had taken place, but Circle’s statement clearly refutes those claims.

Ipo Plans Continue Despite Market Speculation

Circle has been preparing for an IPO for some time.

The company first announced plans to go public in December 2022 but postponed due to unfavourable market conditions.

The IPO process was reignited in January 2024, and by April 2025, Circle had engaged investment banks to serve as underwriters.

However, the exact date for the public listing remains unconfirmed.

The company appears focused on strengthening its position as a leading issuer of USDC stablecoin rather than seeking acquisition.

The spokesperson did not elaborate on specific goals but emphasised Circle’s commitment to its own path.

Did Ripple And Coinbase Engage In A Bidding War?

Rumours of Circle’s potential sale began circulating last month, with Bloomberg reporting that Circle had rejected Ripple’s initial offer of $4 billion to $5 billion, considering it too low.

Following this, Coinbase reportedly joined the contest, sparking talk of a bidding war.

Investor Paul Barron suggested Ripple might have offered between $9 billion and $11 billion, potentially paying with a mix of cash and XRP tokens.

Despite Ripple’s financial capacity, Circle declined to proceed with any sale.

How Does Coinbase’s Relationship With Circle Affect Acquisition Talk?

Coinbase’s longstanding partnership with Circle adds another dimension to the discussion.

The two firms jointly launched the Centre Consortium in 2018 to develop and issue USDC, with Coinbase holding a minority stake in Circle.

They share profits generated by the reserves backing the stablecoin.

Existing agreements restrict Circle from entering partnerships that could threaten Coinbase’s USDC revenue without Coinbase’s approval.

This contractual arrangement suggests Coinbase could have a strategic advantage if it pursued an acquisition.

Nevertheless, Circle maintains it is not engaged in any acquisition discussions.

The stablecoin issuer’s firm denial underlines its commitment to independence and growth through public markets rather than merging with competitors.

The ongoing IPO preparations point to Circle’s focus on expanding its role in the crypto ecosystem on its own terms.