Happy Thursday, Blockfolians
The Lede
Circle joins the ranks of crypto companies going public this year! The firm will merge via SPAC and be listed under the ticker CRCL. The expected valuation of the company is $4.5B.
This news is a major indicator of how much Circle had grown and evolved. This is a company that pivoted numerous times, took a big L on their acquisition of Poloniex, but ultimately found product-market fit with USDC, the regulated stablecoin at the heart of a huge number of DeFi applications.
Circle CEO Jeremy Allaire also says going public will bring with it even more transparency around the reserves backing USDC, which is a win for those who remain skeptical of the other big stablecoin in the space.
For now, congrats to the Circle team on this huge milestone!
Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.
Highly Relevant Reading
-
Elizabeth Warren demands to know what the SEC’s plan for crypto regulation is
-
Santander blocks Binance in the UK
-
Bank of America launches a new research division focused on digital assets
-
The People’s Bank of China says stablecoins are a risk
Community Commentary
GBTC NAV Trade unwind
JP Morgan is bearish on the GBTC unlock coming up.
Here I’ll go through the inner workings so you can make up your own mind.
There’s 2 impacts, one bullish, one bearish. The key is in how they interact. IMO it’ll be immediately bullish.
Decentralization of everything
Final Thought
We’re super excited about this one
