Circle to go public via a $4.5 billion SPAC deal

Circle wants to go public via a SPAC deal that values the global fintech at $4.5 billion. The company behind the popular USD Coin (USDC) said on Thursday it will merge with Concord Acquisition Corp to list its shares on the New York Stock Exchange under the ticker CRCL.

CEO Jeremy Allaire’s comments on CNBC’s “Squawk Box”

Circle’s USDC now in circulation is valued at about $26 billion after a 55x growth over the last twelve months. Commenting on plans of going public, CEO Jeremy Allaire said on CNBC’s “Squawk Box”:

Circle is rapidly investing to expand its products and services offerings. Proceeds from the IPO, as per the chief executive, will be used to fund product development and engineering. The raised capital will also help with sales, marketing, and customer operations.

CEO acknowledges Circle doesn’t have a clear comp

During the interview, CNBC’s Melissa Lee pointed out that the potential shareholders would be interested in finding out what’s a comp for a publicly traded Circle. Commenting on that, Jeremy said:

The news comes more than a month after Circle completed a funding round worth $440 million for growth and organizational development.