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.

The Exchange explores startups, markets and money.

Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday.

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 us from a new, higher deal price to a termination?

We’re following that particular arc today. Our investigation will include taking a look back at Circle’s financial results from both 2021 and the first half of 2022, data that we will cross with results from USDC in the back half of 2022. And, yes, we’ll need to talk about FTX at least a little bit.

TECH NEWS RELATED

The need-to-know terms for business leaders in 2023

The past year has given rise to a multitude of new terms used to describe different employee behaviours that have appeared since the pandemic, from ‘quiet constraint’ to ‘desk bombing’ and more. 

View more: The need-to-know terms for business leaders in 2023

Microsoft to acquire 4% stake in London Stock Exchange Group as part of 10-year cloud partnership

Microsoft is to acquire a 4% stake in the London Stock Exchange Group (LSEG), the company that owns the London Stock Exchange as well as a several other businesses including financial market data company Refinitiv which LSEG acquired from a Blackstone/Thomson Reuters consortium last year for $27 billion. Microsoft’s ...

View more: Microsoft to acquire 4% stake in London Stock Exchange Group as part of 10-year cloud partnership

Yep! Launches to Provide Multi-Format Alcohol Service with AI-Powered Personal Recommendations

Yep! , a multi-format alcohol service, today announced its launch in London. The platfo rm features personal AI-based recommendations and predictive stock supply.    

View more: Yep! Launches to Provide Multi-Format Alcohol Service with AI-Powered Personal Recommendations

Statzon Raises a €400,000 Seed Round to Expand to New Industry Verticals

A Finnish market intelligence startup, Statzon , has announced that it has successfully raised a 400K EUR seed funding round. The round includes equity funding from investors as well as an R&D loan from Business Finland.

View more: Statzon Raises a €400,000 Seed Round to Expand to New Industry Verticals

MC Exclusive: DoT may soon make it mandatory for telcos to share KYC details with OTTs

Representative image. (Image: AFP) The Department of Telecommunications (DoT) is considering creating an obligation on telcos to share know-your-customer details of their users with over-the-top (OTT) communication platforms like WhatsApp and Signal, people aware of the development told Moneycontrol. “Such a provision will help OTTs display the verified name ...

View more: MC Exclusive: DoT may soon make it mandatory for telcos to share KYC details with OTTs

Nigerian startup Taeillo raises funding to scale its online furniture e-commerce platform

Individuals or businesses buying furniture in Africa can purchase from local furniture stores or global furniture retailers like IKEA. But both options have pros and cons; for the latter, local furniture stores may lack the quality that clients need, while global retailers, in addition to taking several months to ...

View more: Nigerian startup Taeillo raises funding to scale its online furniture e-commerce platform

Robco links up with $14M led by Sequoia to bring modular robotics to industrial SMBs

After years of outsourcing and offshoring manufacturing to countries with cheaper labour and bigger production ecosystems, the U.S. and Europe are on a mission to bring some of that industrial work back to its own shores. Today, a startup that believes it can help with that shift is announcing ...

View more: Robco links up with $14M led by Sequoia to bring modular robotics to industrial SMBs

Doglapan book review: An angry and indignant Ashneer Grover doesn’t hold back in this tell-all memoir

“If you choose to work with your spouse, there should be no hesitation in designating them as co-founders as well as giving them a seat on the board” “It is important to remember that the investor is just another vendor” “To my mind, the concept of a related-party transaction ...

View more: Doglapan book review: An angry and indignant Ashneer Grover doesn’t hold back in this tell-all memoir

Tiger Global startup investments drop 70% in 11 months of 2022 as funding winter worsens

Uber sues NYC Taxi & Limo Commission to block rate increase for drivers

Twitter Blue to relaunch with actual verification process, higher price for Apple users

The one slide 99% of founders get wrong when fundraising

There are a lot of reasons to be excited about Canada’s venture market

Avarni is building a comprehensive dataset to analyze supply chain emissions 

Fintech giants face uphill battle

5 lessons we’ve learned from building a venture fund from scratch

Another week of layoffs, executive departures and AI-generated everything

This Week in Apps: Apple App Store’s new pricing, Twitter app makers shift to Mastodon, debate over Lensa AI

Edtech’s brightest are struggling to pass

Hybrid pricing can help app developers better monetize their apps

OTHER TECH NEWS

Top Car News Car News