Circle’s SPAC Deal Gets More Circuitous

Circle’s road to a SPAC listing just keeps getting more circuitous. 

The issuer of U.S.-dollar pegged cryptocurrency USD Coin said Tuesday it had closed a $400 million private fundraising round led by prior investor Fidelity Management and Research that included new participant BlackRock and hedge fund manager Marshall Wace, an existing investor. The amount is slightly less than the $415 million that the company expected to raise through a private investment in public equity (PIPE) when it first announced its plans in July to merge with a special purpose acquisition company (SPAC).