Circle doubles its enterprise value

 

Circle negotiated its contract terms with SPAC company Concord Acquisition Corp.

Both partners had already revealed merger plans in July of last year in order to dare their stock market debut under the auspices of a joint Irish holding company. Valuation at the time: $4.5 billion.

The contracting parties have now agreed on an adjustment. New valuation: $9 billion.

Circle justifies the adjustment in a press release , with enormous growth since the last deal. The stock exchange plans remain in place.

Above all, the rapid development of the USD Coin (USDC) played a decisive role here. The market cap of the stablecoin is over $52.3 billion at the time of writing.

As Circle announced, the agreement includes an opt-out clause until December 8, 2022, which can be extended to January 31, 2023 under “special circumstances”. Should Circles USDC increase its market value again in the meantime, the company valuation could rise again.

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