Circle, a company behind the USDC stablecoin, has announced its valuation doubled from previous $4.5 billion to $9 billion as the company agreed to new transaction terms with Concord Acquisition Corp, a firm backed by ex-Barclays head Bob Diamond. The company said in a blog announcement the change reflects "improvements in Circle’s financial outlook" and "competitive position."
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Under the new agreement, the deal is expected to be closed on December 8, 2022. However, Circle noted the timetable might be extended to January 31, 2023 "under certain circumstances." Circle plans to trade on the New York Stock Exchange under the symbol "CRCL."
Circle first announced plans for SPAC in July 2021. Back then the Irish holding company announced plans to acquire both Concord and Circle and become a publicly-traded company. The deal between Circle and Concord was initially expected to close in Q4, 2021.
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