Stablecoin Firm Circle To Go Public Via $4.5 Billion SPAC Deal

Boston-based fintech Circle announced it is going public through a merger with a special purpose acquisition company (SPAC) Concord Acquisition Corp. (NYSE: CND), in a business deal that will value Circle at $4.5 billion.

After the transaction is closed, Circle will make its public debut on the New York Stock Exchange (NYSE) under the symbol "CRCL".

"Circle is the true pioneer of trusted digital currencies, an increasingly critical part of the global financial system. The firm has earned its exceptionally strong reputation building highly innovative blockchain-enabled products and services within the regulatory perimeter,” said Bob Diamond, Chairman of Concord Acquisition Corp and CEO of Atlas Merchant Capital.

“Circle's world-class leadership team, its track record of delivery, and extraordinary ambition help position the firm as one of the most exciting companies in the transformation of finance.”

The transaction includes $415 million in capital commitments at $10.00 per share, including participation from leading institutional investors Marshall Wace LLP, Fidelity Management & Research Company LLC, Adage Capital Management LP, accounts advised by ARK Investment Management LLC ("ARK"), and Third Point.

“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, with the capital and relationships needed to build a global-scale internet financial services company that can help businesses everywhere to connect into a more open, inclusive and effective global economic system. 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,” commented Jeremy Allaire, Circle's co-founder and CEO.

The deal will provide the combined company with $691 million in gross proceeds, including the $415 million PIPE investment and $276 million of cash held in the SPAC’s trust account.

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