Circle is Going Public via $4.5B SPAC
Happy Thursday, Blockfolians
The Lede
Circle joins the ranks of crypto companies going public this year! The firm will merge via SPAC and be listed under the ticker CRCL. The expected valuation of the company is $4.5B.
This news is a major indicator of how much Circle had grown and evolved. This is a company that pivoted numerous times, took a big L on their acquisition of Poloniex, but ultimately found product-market fit with USDC, the regulated stablecoin at the heart of a huge number of DeFi applications.
Circle CEO Jeremy Allaire also says going public will bring with it even more transparency around the reserves backing USDC, which is a win for those who remain skeptical of the other big stablecoin in the space.
For now, congrats to the Circle team on this huge milestone!
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Final Thought
We’re super excited about this one