Thoughts on the demise of Circle's SPAC deal
Circle Internet Financial (Circle), the company behind the popular stablecoin USDC, called off its merger with a blank check company this morning, ending its PSPC-led run for the Initial Public Offering. Circle's SPAC deal made news when it was announced last year and earlier this year when it was amended.
The Exchange explores startups, markets and money.
Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday.
Last I heard, Circle had renegotiated its SPAC deal, increasing its enterprise value from $4.5 billion to $9 billion. What happened between then and now to take us from a new, higher sale price to termination?
We're following this particular arc today. Our survey will include a look back at Circle's 2021 and first-half 2022 financial results, data that we'll cross-reference with USDC results in the second half of 2022. And, yes, we'll have to talk about FTX at least one little.
Circle Internet Financial (Circle), the company behind the popular stablecoin USDC, called off its merger with a blank check company this morning, ending its PSPC-led run for the Initial Public Offering. Circle's SPAC deal made news when it was announced last year and earlier this year when it was amended.
The Exchange explores startups, markets and money.
Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday.
Last I heard, Circle had renegotiated its SPAC deal, increasing its enterprise value from $4.5 billion to $9 billion. What happened between then and now to take us from a new, higher sale price to termination?
We're following this particular arc today. Our survey will include a look back at Circle's 2021 and first-half 2022 financial results, data that we'll cross-reference with USDC results in the second half of 2022. And, yes, we'll have to talk about FTX at least one little.
What's Your Reaction?
