Thoughts on the demise of Circle’s SPAC deal •


Circle Internet Financial (Circle), the company behind the popular USDC stablecoin, canceled the 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.

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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.


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