Crypto
Binance Backs Circle with $100M Bet on USDC
Binance has made a significant bet on Circle Internet Group, investing $100 million in its stock through a private placement. The agreement also includes a five-year deal to promote USDC, a stablecoin issued by Circle.
The details of the deal were disclosed in an 8-K filing, which revealed that Binance purchased 1,237,011 Class A shares at $80.84 each. This represents a 5% discount to Circle's market price before closing.
The stock sale closed on September 17, with Circle's shares trading at $85.09. By Monday, the price had risen to $94.49.