Circle’s valuation doubles to $9 billion as new holding company set to go public

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Source: Adobe/jadthree

The Crypto Infrastructure and Payments Company Circle entered into an agreement with the ad hoc acquisition company Concord Acquisition Corporation which will see the formation of a new holding company, doubling Circle’s valuation from $4.5 billion, announced in July 2021, to $9 billion now.

Circle, the issuer of the second largest stablecoin USD (USDC), will now go public on the New York Stock Exchange (NYSE) through a holding company that will acquire both Circle and Concord, Circle noted.

The new holding company is expected to trade under the symbol CRCL, with no listing date announced to date.

The new agreement between Circle and Concord replaces a previous business combination agreement by Circle, which the announcement said “for various reasons beyond the control of the parties, could not be completed on the termination date of April 3. 2022”.

Once the planned transaction closes, current Concord shareholders will be able to exchange their shares for shares of the new publicly traded company trading as CRCL, according to the announcement.

The transaction is still subject to Concord and Circle shareholder approval.

“We continue to believe that Circle is one of the most interesting, innovative and exciting companies in the evolution of global finance and we believe it will have a historic impact on the global economic system,” said Bob Diamond, President of Concord Acquisition Corp. in a comment.
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