The Cryptocurrency Firm Circle Will Enter the U.S. in a $25 Billion Merger
Circle has announced that it plans to become a public company. The cryptocurrency company will merge with Concord Acquisition Corp, a SPAC. Circle is better known as one of the founding members of the Centre consortium with Coinbase. Along with other crypto partners, they have issued USD Coin (USDC), a popular stablecoin.
A SPAC is a publicly traded blank-check company. Merging with a SPAC has become a popular way to become a publicly listed company for tech companies.
According to Circle, the deal should value the company at $4.5 billion. Investors involved in the merger have committed $415 million in PIPE financing. The company also recently raised $440 million in capital. In other words, Circle will have plenty of capital on its hands if the merger goes through.
