barrons.com
Stablecoin issuer Circle Internet Financial abandoned plans to go public in a $9 billion special-purpose acquisition company, or SPAC, merger, underscoring how both the world of crypto and popularity of these deals have been slammed in this year’s market selloff.
Circle said Monday that it and Concord Acquisition (ticker: CND) mutually had agreed to terminate their proposed combination, announced in the heat of the bull market in July 2021 and amended to double Circle’s valuation in February 2022 to $9 billion.