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Nadia Vanderhall avatar
Nadia Vanderhall
@nvknows
•
Ah, two popular investing trends combine into one. Cryptocurrency company Circle announced this week they will be going public (no pun)! The cryptocurrency company will merge with $Concord Acquisition Corp to form an SPAC. Circle is better known as one of the founding members of the Centre consortium with $COIN . Fancy. Along with that they have issued USD Coin (USDC), a popular #stablecoin. An SPAC is a publicly traded blank-check company. Merging with a SPAC has become a popular way to become a publicly listed company for tech companies. Hence why you have been seeing it said or dropped more than DJ Khaled drops albums. Well, think of an SPAC just in the same accord (corny joke), you gather some interesting people, companies and probably causes to drive up cash and focus towards a collaborative goal. They aren’t new, but true. Some work, a lot don’t. With this dealio — the deal should value the company at $4.5 Billion. Investors involved in the merger have committed $415 Million in PIPE financing. The company also recently raised $440 Million in capital. In other words, Circle will have plenty of capital on its hands if the merger goes through. There’s another SPAC that I want to talk about in another post! Gotta dig a bit more about this one; interesting moving parts and I adore cryptocurrency. #moneymoves #spac
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