Thoughts on the demise of Circle’s SPAC deal

Circle Internet Financial (Circle), the company behind the popular USDC stablecoin, called off its merger with a blank check company this morning, ending its SPAC-led run toward going public. Circle’s SPAC deal made news when announced last year and earlier this year when it was repriced.
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Last we heard, Circle had renegotiated its SPAC transaction, boosting its enterprise value from $4.5 billion to $9 billion. What happened between then and now to get

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