Thoughts on the demise of Circle’s SPAC deal • ExamPaper

Circle Internet Financial (Circle), the company behind the popular USDC stablecoin, called off its merger with a blank check company this morning, ending the SPAC-led run to the IPO. Circle’s SPAC deal made headlines when it was announced last year and earlier this year when it was repriced.


The Exchange examines startups, markets and money.

Read it every morning on ExamPaper+ or get The Exchange’s newsletter every Saturday.


Last we heard, Circle had renegotiated its SPAC transaction, increasing its enterprise value from $4.5 billion to $9 billion. What happened between then and now to take us from a new higher deal price to a termination?

We’re following that particular arc today. Our research includes a look back at Circle’s financial results from both 2021 and the first half of 2022, data that we will cross-check with USDC’s results in the second half of 2022. And yes, we need to talk about FTX at least a little.

Leave a Comment