Key Takeaways Circle has signed a new deal for a SPAC merger with Concord Acquisition Corp. The new agreement gives Circle a valuation of $9 billion, double its previous valuation as of July 2021. The new agreement is expected to be exercised in December 2022. Share this article Circle, the publisher of USDC, has shared new details about its transition to a publicly traded trading company. The valuation is now $9 billion. Circle’s Valuation Doubles Before SPAC Merger USDC publisher Circle has terminated last year’s SPAC merger agreement with Concord Acquisition Corp. Due to a revaluation of the Circle’s valuation, a new agreement has been signed. According to a press release Thursday, the new agreement will value Circle at $9 billion, double the $4.5 valuation written in the original July 2021 agreement with Concord Acquisition. Circle announced its plans to go public last summer through a merger with a special acquisition company (SPAC) called Concord Acquisition Corp by the end of 2021. SPACs are empty companies that make IPOs to merge with private companies and make them public. to make. When the original deal was announced last year, USDC’s circulating supply has more than doubled, reaching $52.7 billion on Feb. 17, 2022. The surge in USDC supply prompted Circle to reassess its valuation, the announcement said. Circle’s improved financial outlook and growing share of the total stablecoin market. Under the new SPAC agreement, both Circle and Concord Acquisition will be acquired by a single holding company in December 2022, but it may be extended until January 31, 2023. The company will then be listed on the stock exchange with the New York Stock Exchange ticker symbol CRCL. While Circle’s valuation has doubled, Concord Acquisition’s market cap has been consolidated at approximately $370 million since July 2021. This means that Concord Acquisition shareholders will receive approximately half of the payout they would have received had the original deal gone through. CND shares are down -3.76% on the day. Nevertheless, Concord Acquisition’s management team has expressed positive sentiment on the deal. Commenting on the agreement in the press release, Bob Diamond, chairman of Concord Acquisition Corp. said: “We believe our new deal is attractive because it preserves the opportunity for Concord’s public stakeholders to participate in a transaction with this great company.” The world’s second largest stablecoin by market capitalization, with only Tether (USDT). Share this article The information on or accessible through this website was obtained from independent sources believed to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness or accuracy of any information contained on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not provide personal investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete or inaccurate information. You should never make an investment decision about an ICO, IEO or other investment based on the information on this website, and you should never interpret or otherwise rely on the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO or other investment. We do not accept compensation in any form for analyzing or reporting ICOs, IEOs, cryptocurrency, currencies, tokenized sales, securities or commodities. See full terms and conditions. USDC Provider Circle Goes Public in $4.5 Billion SPAC Deal Cryptocurrency payment firm Circle has confirmed its plans to become a publicly traded company through a SPAC deal in Q4 2021. Circle Plots SPAC Deal Circle Will Merge with Concord Acquisition,… Card for USDC payments on Ethereum Visa doubles on stablecoins. The credit card giant has announced a partnership with Circle, the team behind the Ethereum-based token USDC. The partnership gives Visa’s network of… How to Take Advantage of Market Volatility Using Linear and Inverse Contracts… Perpetual contracts are agreements between buyers and sellers with no specific expiration date, unlike other types of similar contracts such as options or futures. It’s for the buyer and… Mastercard partners with Circle to settle USDC payments Mastercard has announced partnerships with Circle, Paxos and Evolve Bank & Trust to enable easier conversions between cryptocurrencies and traditional fiat money. Mastercard simplifies crypto payments Mastercard has announced…
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