Global fintech firm Circle has recently announced that it would go public via a merger with blank-check company Concord Acquisition Corp in a deal that values it at $4.5 billion.
Circle was founded with a mission to transform the global economic system through the power of digital currencies and the 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.
Jeremy Allaire, Founder and CEO of Circle
According to Circle, this merger is expected to bring in $691 million in proceeds for the combined entity.
Circle further mentioned that the institutional investors — Marshall Wace and Fidelity Management & Research Co — and accounts advised by ARK Investment Management agreed to invest $415 million into PIPE (private investment in public equity) financing.
Circle will be listed on the NYSE (New York Stock Exchange) under the symbol CRCL.