Circle Internet Financial is a finance firm that’s best known for being the issuer of the second-biggest stablecoin by total market capitalization – USDC. Now, the company reports that it’s valued at a whopping $9 billion.
According to a press release from today, February 17th, Circle is now valued at $9 billion.
The company announced that it has terminated its existing business combination and agreed to a new deal with Concord Acquisition Corp, ticked CND on the New York Stock Exchange, and representing a SPAC (special acquisition company.)
Based on the new agreement, the value of Circle is set at the above number – up 100% from July 2021, when it was originally determined to be $4.5 billion.
The release reads that the increase reflects improvements in the company’s financial and competitive position.
Speaking on the matter was Jeremy Allaire – Co-Founder and CEO at Circle, who said:
Circle has made massive strides toward transforming the globale conomic system through the power of digital currencies and the open internet. […] Being a public company will further strengthen trust and confidence in Circle and is a critical milestone as we continue our mission to build a more inclusive financial ecosystem. Making this journey with Concord under our new agreement is a strategic accelerator.
Morever, the release revealed that the new agreement has an initial outside date of December 8, 2022, but it could be extended to January 31, 2023.
The new publicly-traded business is expected to go live on the New York Stock Exchange under the CRCL ticker.
