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Circle to Follow Coinbase With Public Listing Valued at $4.5B

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Circle to Follow Coinbase With Public Listing Valued at $4.5B

Circle has announced that it will be following Coinbase by publicly listing through a definitive business combination agreement with Concord Acquisition Corp.

Financial technology firm and payments infrastructure company Circle has announced that it plans to go public in quarter four of 2021. 

Circle to become second crypto company to go public

The company will be entering into a “definitive business combination agreement with Concord Acquisition Corp (Concord),” according to the announcement.  Concord is already listed on the New York Stock Exchange (NYSE). 

The agreement between both companies will see a new Irish holding company formed, essentially acquiring both companies. The new company will be trading on the NYSE under the ticker symbol “CRCL.” Currently, the transaction values Circle at an enterprise value of $4.5 billion.

CEOs back exciting partnership 

Speaking on the latest news, Chairman of Concord, and CEO of Atlas Merchant Capital, Bob Diamond called Circle a true pioneer of trusted digital currencies. He also stated that Circle is a 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.  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,” Diamond stated.

Circle CEO, Jeremy Allaire expressed his excitement about the opportunity to partner and go public. He also reiterated the company’s mission of transforming the global economic system throw digital currencies and open internet, “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,” Allaire stated.

The move is supported by $415 million of capital commitments coming from institutional investors such as Marshall Wace and Ark Investment Management. An additional $276 million of cash held in Concord’s trust account will be added to the deal. 

The post Circle to Follow Coinbase With Public Listing Valued at $4.5B appeared first on BeInCrypto.


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