Stablecoin Issuer Circle is Going Public at $4.5 Billion Valuation

Circle helps businesses and developers harness the power of stablecoins for payments and internet commerce worldwide, is all set to go public on Nasdaq via a SPAC merger. 

Global fintech firm and developer of the USDC stablecoin, Circle, has revealed that it will be going public on the New York Stock Exchange (NYSE) via a new business alliance.

According to an official announcement today, Circle has partnered with Concord Acquisition Corp, a publicly traded special purpose acquisition company (SPAC) with more than $276 million in trust.

$4.5 Billion Valuation

Once the deal is completed, Circle will have an enterprise value of $4.5 billion. Additionally, all existing shareholders at Circle will still have 86% ownership of the company, with the co-founder and CEO, Jeremy Allaire retaining his position.

However, Bob Diamond, the Chairman of Concord Acquisition Corp, will join the company’s board of directors.

As soon as the deal is finalized, a new Irish holding firm will acquire both Concord and Circle to become a publicly traded company, which will trade on the NYSE under the symbol “CRCL.” 

Second U.S. Crypto Entity to go Public

Jeremy Allaire also expressed enthusiasm about the deal, which is expected to be finalized in Q4 2021.

“Circle was founded with a mission to transform the global economic system through the power of digital currencies and the open internet… We are thrilled to partner with Concord’s executive and investment team, drawing on their decades of operating experience growing financial services businesses around the world.”

Circle is set to become the second U.S. crypto entity to go public shortly after Coinbase’s direct listing.

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