Circle CEO: Net profit in the third quarter reached 43 million USD, still planning to go public

ChainCatcher news, USDC issuer Circle and special purpose acquisition company (SPAC) Concord Acquisition Corp announced the mutual termination of their proposed business combination plan initially announced in July 2021 and revised in February 2022.

Circle CEO Jeremy Allaire tweeted that Circle remains committed to becoming a publicly traded company in the long term. Circle achieved profitability in the third quarter of 2022, with total revenue and reserve interest income of $274 million and a net income of $43 million. Circle had nearly $400 million in unrestricted cash at the end of the third quarter. (Source link)