Circle Stock Near $91 as Binance and Tazapay Deals Reveal Share-Issuance Mechanics
- —CRCL closed at $91.72, down 3.03%, and traded near $91 premarket
- —Binance received 1,237,011 Class A shares for $100 million at $80.84 each
- —The $400 million Tazapay deal is paid in stock priced at the 20-day pre-closing VWAP
- —At a $90.80 price instead of $100, about 405,000 more shares would be needed
Why it matters: The floating share count in the Tazapay deal means a lower CRCL price at closing dilutes existing holders more, adding uncertainty over the final equity issued.
Source: The Crypto Basic