USDC Issuer Circle Going Public via SPAC at a $4.5 Billion Valuation

2021-7-8 17:35

Circle announced on Thursday that it is going public through SPAC on the NYSE under the symbol “CRCL.”

Circle is the issuer of USDC, the second-largest stablecoin with a market cap of $25.8 billion supply which supported more than $785 billion in on-chain transactions. In 2021, the stablecoin’s supply grew over 3,400% and captured a 23.7% stablecoin market share.

A special-purpose acquisition company (SPAC) is a shell company that raises money and trades on a stock exchange with the only purpose of merging with a private company, typically a startup, to take it public.

Circle has chosen Concord Acquisition Corp, which has $276 million in trust to go public, putting Circle’s valuation at $4.5 billion.

This transaction is supported by $415 million of capital commitments at $10.00 per share with participation from Marshall Wace, Fidelity, Adage Capital Management, ARK Investment, and Third Point.

The transaction is expected to deliver up to $691 million of gross proceeds to the combined company. Combining the amount with Circle's recently closed convertible note puts gross proceeds to over $1.1 billion that will go to Circle upon the close of the transaction.

Existing Circle shareholders will maintain about 86% ownership of the public entity.

“Circle was founded with a mission to transform the global economic system through the power of digital currencies and the open internet,” said Jeremy Allaire, co-founder, and CEO of Circle, adding: “We've made huge strides towards realizing this vision and through this strategic transaction and ultimate public debut, we are taking an even bigger step forward,” to build a global-scale internet financial services company.

Goldman Sachs serves as the exclusive financial advisor to Concord, and along with Citi, they are acting as placement agents.

The post USDC Issuer Circle Going Public via SPAC at a .5 Billion Valuation first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bit Public Talent Network (BPTN) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 BPTN

circle billion issuer usdc valuation public spac

Источник: bitcoinexchangeguide.com

circle billion → Результатов: 37


Фото:

USDC-Operator Circle Plans to go Public, Valued at $4.5 billion

As Circle plans to go public, the operator of one of the world’s fastest-growing stablecoin—USDC– is now valued at a whopping $4.5 billion, a press release on July 8 indicates. Concord and Circle Join Hands The stablecoin backer will combine business with Concord Acquisition Corp, an NYSE-listed special purpose vehicle (SPV) with $276 million in trust.Read More

2021-7-8 18:00


Фото:

Circle Looks to Offload Crowdfunding Platform, Focus on USDC Stablecoin

What was once a cryptocurrency trading behemoth has now gradually become a company focused on developing its stablecoin with a consortium of other companies. Circle, which oversaw almost $24 billion of cryptocurrency trade in 2018, has sold Poloniex and its OTC desk and is now looking to sell its crowdfunding platform, SeedInvest, as reported byRead MoreRead More.

2020-2-14 02:00


Tron Weekly Report highlights rise in DAU, transaction numbers and volume

Tron community was delighted with the TRX token surging by 6.12% over 24 hours, according to CoinMarketCap. The market cap of TRX was $1.68 billion, at press time. With just one week to go for Justin Sun’s lunch with Warren Buffett lunch, Jeremy Allaire, Co-founder & CEO of Circle, accepted Sun’s invitation for the star-studded […] The post Tron Weekly Report highlights rise in DAU, transaction numbers and volume appeared first on AMBCrypto.

2019-7-20 02:30


Crypto Hedge Fund Holdings Spiked 40% in Q1 2019 to Whopping $14.4 Billion

By CCN. com: According to a Circle Research report, crypto hedge funds, private equity firms, and venture capitalists increased their holdings by almost 40% in the first quarter of this year. A massive quarter-over-quarter gain, the increases took place before the most recent “bull run,” which means that the same figure might see even larger gains for the second quarter and beyond.

2019-4-26 10:48


Фото:

Crypto Platform Coinbase Secures $300 Million in Series E Funding Round

Popular cryptocurrency exchange Coinbase has raised a fresh $300 million in a Series E financing round, bringing the company valuation to $8 billion. Coinbase plans to use the funding to "accelerate the adoption of cryptocurrencies," as it plans to remain the "entry-point into crypto" for millions of investors, according to a published blog post.

2018-10-31 20:51


Фото:

Circle & Coinbase Partner Up For a Better Stablecoin, But There’s a Catch

Circle and Coinbase, two of the largest and most popular cryptocurrency companies, are partnering to improve the stablecoin concept, but there’s a catch.   The CENTRE Consortium for a Better Stablecoin On Tuesday, both companies announced the CENTRE Consortium, a joint venture that aims to speed up adoption of cryptocurrencies backed by actual fiat currencies like US dollars.

2018-10-24 12:00


Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Circle’s Stablecoin USDC Launches on Hedera Hashgraph’s Network

Fulfilling its promise to expand to more blockchain protocols in the coming months, USDT close rival USDC has recently launched on the Hedera network. The announcement by popular stablecoin issuer Circle on Monday, October 18, makes the asset the first stablecoin to launch on the network.

SEC Sends an “Investigative Subpoena” to USDC Issuer Circle

The US Securities and Exchange Commission (SEC) sent an “investigative subpoena” to the issuer of USDC stablecoin Circle in July of this year, according to a filing. Circle made this disclosure as part of a filing about its plans to go public through a merger with the special purpose acquisition company (SPAC), Concord Acquisition Corp.