Circle Raises $100M from Binance in Private Share Sale
- Circle issued Binance 1,237,011 Class A shares at $80.84 each, raising $100 million.
- The private placement closed on September 17, followed by a five-year commercial agreement.
- Under the deal, Circle will pay Binance a monthly fee based on USDC held through its wallet infrastructure.
- Binance is restricted from selling or hedging the shares for two years but retains voting rights.
- The share price rose to $94.49 by September 21, increasing the value of Binance’s holdings to approximately $116.9 million.
This transaction marks the third collaboration between Circle and Binance in less than two years, highlighting their growing partnership in promoting USDC usage across platforms. The arrangement includes financial incentives for Binance to support USDC distribution through its exchange services.
