The firm operates USDC, one of the world's largest dollar-pegged stablecoins, with over $25b in circulation. Shares of Concord Acquisition Corp jumped as much as 5% Thursday after the announcement.
The transaction is expected to close in the fourth quarter of 2021. Upon completion of the transaction, existing Circle shareholders will maintain approximately 86% ownership of the newly public company. The company is expected to trade on the New York Stock Exchange under the ticker "CRCL." Circle's co-founder Jeremy Allaire will remain CEO. Allaire told CNBC that Circle will use the proceeds of the transaction for product development and engineering as blockchain finance becomes "the backbone of the global financial system," as well as sales, marketing, and customer operations. The Block first reported that Circle could go public via SPAC in May, after the firm raised $440 million in capital.