Circle Internet Financial, a cryptocurrency operator, announced on Thursday that it had been valued at $9 billion under new terms with Concord Acquisition Corp (CND.N), a blank-check corporation founded by former Barclays CEO Bob Diamond.
Circle said it had terminated a previous merger agreement with Concord, which valued the firm at $4.5 billion. In premarket trade, Concord, a special purpose acquisition company (SPAC), was down roughly 3% at $10.20.
Circle said it changed the conditions of the agreement because its financial outlook and market share had improved, particularly in USD Coin (USDC), a stablecoin whose value is directly connected to the US dollar.
According to crypto data provider CoinGecko, the corporation is the primary operator of USDC, which has a market valuation of over $52.4 billion.
According to Circle, USDC circulation has more than doubled since the original arrangement was announced.
