Circle, a US-based financial firm, claimed on Thursday that its new SPAC deal with Concord Acquisition Corp to list on Wall Street had increased its value to $9 billion.
The blockchain payment company Circle, which offers stablecoin USDC, announced that it was preparing to merge with Concord Acquisition Corporation and is on the way to listing it on the New York Stock Exchange.
Despite a prior $415 million deal falling through, the merged business is worth roughly $4.5 billion. But Circle said it would combine a company worth $7.65 billion to $9 billion. The increased investment has improved Circle’s “financial outlook and competitive position,” it said.
Since signing the prior SPAC agreement, its digital currency’s market value has increased more than twice to $52 billion worth of USD coins now in circulation.
The prior agreement is set to close in December, with the company making flimsy justifications for not being fully allowed to merge before the closure date of April 2022, citing “a number of issues outside the parties’ control.”
Circle’s announcement is hardly surprising given the trend of large organizations investing in crypto-related startups. FTX’s value increased to $32 billion last month after a new investment round.
Several previous financing arrangements have been canceled, including those with Fidelity Management & Research, Marshal Wace, and Cathie Wood’s company, Ark Investment. However, the company hopes to raise $750 million from private investors for newly signed agreements.