Attorney John E. Deaton, a well-known advocate for XRP holders, explained that Circle’s market value could reach $10 billion after reportedly turning down a $5 billion acquisition offer from Ripple. Deaton, who has represented XRP investors in legal matters involving Ripple and the U.S. Securities and Exchange Commission (SEC), posted on social media platform X that the rejected offer suggests Circle expects a much higher valuation following its public debut.

The bid from Ripple was reportedly presented prior to Circle’s upcoming initial public offering (IPO). Deaton wrote: “Circle’s rejection of the $5B offer suggests Circle believes its market value, particularly post-IPO, is likely to exceed $5 billion, possibly approaching or surpassing the $9 billion from its 2022 SPAC attempt.” He further explained:

When you add in the regulatory 180 we’ve witnessed with an administration super favorable to crypto in general coupled with the STABLE GENIUS Act likely to pass, a $10B deal is not crazy.

Deaton explained that Circle filed its S-1 registration with the SEC on April 1 and plans to go public on the New York Stock Exchange under the ticker symbol “CRCL.” JPMorgan Chase and Citigroup are serving as lead underwriters for the offering, which is expected to launch this summer. The company’s current IPO valuation target is between $4 billion and $5 billion, significantly below the $9 billion valuation it pursued during a failed SPAC deal in 2022.

The STABLE GENIUS Act refers to the Guiding and Establishing National Innovation for U.S. Stablecoins Act, a bipartisan bill aimed at creating a regulatory framework for U.S. dollar-backed stablecoins. Introduced in the Senate by Bill Hagerty and co-sponsored by Tim Scott, Kirsten Gillibrand, and Cynthia Lummis, the bill proposes state-level regulation for issuers with under $10 billion in assets and federal oversight for larger ones. It requires full reserve backing, monthly audits, and anti-money laundering compliance. The bill has passed the Senate Banking Committee and is currently awaiting a full vote in the Senate. Deaton believes shifting political sentiment and regulatory developments could drive higher valuations, especially if the STABLE GENIUS Act passes and cements a more supportive framework for the crypto industry.

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