Crypto company Circle has received $400 million in fresh funding from BlackRock, Fidelity Management and Research, Marshall Wace and Fin Capital. The round is expected to close in the second quarter.
Circle has a merger agreement with Concord Acquisition, which initially arranged for the deal to include a $415 million PIPE with participation from institutional investors including Marshall Wace and Fidelity Management & Research, as well as Adage Capital Management and accounts advised by ARK Investment Management and Third Point.
The PIPE was cancelled in February after Circle and Concord terminated their original agreement and revised the deal to double Circle’s value to $9 billion.
The new agreement has an initial outside completion date of Dec. 8, with the potential to extend the deadline to Jan. 31, 2023. The dealine was pushed back from April 2022. Read more.
