The Blockchain Bulletin May 28: Circle Denies Sale Rumors Amid Ongoing IPO Plans
Hey folks! Welcome to our latest edition of the Blockchain Bulletin, where we uncover and report the latest happenings in the past 24 hours.
Circle Internet Group has publicly denied rumors that it might be sold to Coinbase or Ripple. These rumors arrived after reports indicated Circle sought a $5 billion valuation and had preliminary discussions with both companies. On May 19, a spokesperson for Circle stated clearly, “Circle is not for sale. Our long-term goals remain the same.” This firm response goes one way with Circle’s preparations for its first public offering (IPO). The company filed for its IPO with the U.S. Securities and Exchange Commission in April 2025, following over a year of work with investment banks starting in January 2024. The IPO plans include offering 24 million shares of Class A common stock, split between 9.6 million shares from the company and 14.4 million from selling stockholders.
Additionally, underwriters have a 30-day option to buy up to 3.6 million extra shares to cover over-allotments. The expected IPO price is between $24.00 and $26.00 per share. Earlier reports referenced by Seeking Alpha and Fortune suggested Ripple made an offer between $4 billion and $5 billion, which Circle rejected as too low. This public denial confirms Circle’s intent to remain independent and continue its growth path through the IPO.
Michael Saylor, the executive chair of Strategy, had recently made a warning on institutions that publish on-chain proof-of-reserves terming it as a “bad idea” due to security concerns. Speaking on May 26 during the Bitcoin 2025 conference in Las Vegas, he stated that publicly sharing wallet addresses compromises the security of issuers, custodians, exchanges, and investors. He went on to explain that, “The current, conventional way to publish proof of reserves is an insecure proof of reserves,” adding, “It actually dilutes the security of the issuer, the custodians, the exchanges, and the investors.”
Related: Hoskinson Favors Ripple to Lead Circle in Big Industry Deal
In terms of geopolitics, China has very strong intentions of investing up to $35 billion in infrastructure projects in Colombia and in other parts of Latin America. This commitment appears to be in response to the U.S. threat to block funding for Chinese companies operating in the region. Hence, the increasing U.S.-China rivalry is affecting the economic landscape of Latin America. The Chinese investment could forge closer ties with Colombia and other countries, thus potentially moving the region’s development and infrastructure priorities.
Meanwhile, Google has released a new research paper raising concerns about Bitcoin’s security in the era of quantum computing. Craig Gidney, Google’s lead quantum scientist, shared findings on May 20 that show breaking a 2048-bit RSA encryption key could now be achieved in less than a week using fewer than one million noisy qubits. This is a reduction compared to a 2019 estimate that required 20 million qubits. The improvement comes from advancements in quantum algorithms and error correction methods, including faster ways to perform modular exponentiation, which is critical for cryptographic operations.
Ultimately, the action in Bitcoin’s price between the 19th and the 27th of May, 2025, reflected consolidation with escalating momentum. With reference to TradingView, the token traded within lows around $105,500 and highs near $111,800 and is now trading around $110,277. These movements mark out key areas of support and resistance that are very much a battleground for the active trader. Through the order blocks and fair value gap given, it shows accumulation on the side of the buyers, meaning that demand grows steadily. This pattern may be what sets the price for the new gains, indicating cautious optimism given the short-term volatility in the market.
