Crypto payment service Circle today announced an agreement with specialized targeted mergers and acquisitions (SPAC) Concord Acquisition Corp, which will enable it to list its securities on the New York Stock Exchange under the ticker “CRCL”. Circle’s preliminary estimate was $ 4.5 billion.
Circle specializes in USD Coin (USDC) stablecoin, the second largest in the market with a market cap of $ 25 billion. Coinbase, which was listed on the stock market in April, also participates in the USDC issue. Circle raised $ 440 million in funding last month in one of the largest investment rounds in the history of the cryptocurrency industry.
The deal is expected to close in the fourth quarter of 2021 after investor and regulator approval. Circle and Concord will be taken over by a new holding company in Ireland. Circle’s existing shareholders will retain around 86% of the public entity, while CEO Jeremy Aller will remain in office following the reorganization.
The new entity will be supported by a $ 415 million investment at $ 10 per share from a group of investors including Marshall Wace, Fidelity Management & Research Company LLC and Adage Capital Management LP. Added to this amount will be the $ 276 million raised by Concord during its initial public offering (IPO) in December 2020, bringing the new firm’s gross revenue to $ 691 million at launch, it said.
“Circle was created to transform the global economic system with digital currencies and the public internet,” Aller said. “This move will provide us with the capital and connections we need to build a global Internet finance company that can help businesses connect anywhere in a more open, inclusive and efficient global economic system.”
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