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Fortune
Fortune
Jeff John Roberts

Circle pulls the plug on SPAC as stablecoin giant announces it is profitable

Circle CEO Jeremy Allaire at Fortune's Brainstorm Finance conference on June 19, 2019, in Montauk, N.Y. (Credit: Rebecca Greenfield—Fortune)

In July of 2021, Circle announced it would go public via a SPAC—a process that involves merging with a shell company that has raised money to acquire a private company. The deal, which would have made Circle one of a handful of publicly traded crypto companies, has been delayed repeatedly. Now the deal is dead.

In a Monday morning announcement, Circle and its would-be SPAC partner, an entity called Concord Acquisition Corp., described the development as a "mutual termination." The chief executives of both firms issued complementary statements, suggesting the decision to end the drawn-out deal was amicable.

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