Circle Stock Trades Near $91 Amid Speculation Over Tazapay Deal
Circle Internet Group's (CRCL) stock traded near $91 in Thursday premarket trading, down 3.03% from Wednesday's close of $91.72.
The recent decline has led to speculation about the company's pending deal to acquire Tazapay and its investment with Binance, but no reliable evidence links the current weakness to these deals.
Circle issued 1,237,011 Class A shares to Binance for $100 million at a fixed price of $80.84 per share in September, representing a 5% discount to CRCL's market price before closing. This transaction has closed and the share count is now fixed.
The Tazapay acquisition uses a floating share-count structure, with the initial closing share issuance based on an Estimated Purchase Price and Circle's volume-weighted average closing price over the 20 trading days immediately before closing.