Circle paid $210 million in stock to acquire Coinbase’s stake in Centre, IPO filing reveals
Quick Take
- In its prospectus for an initial public offering, Circle said that in 2023, it acquired “the remaining outstanding 50% equity interest in Centre Consortium” from Coinbase for $210 million worth of shares.
- Coinbase said in August 2023 it had taken an “equity stake in Circle” as part of a new arrangement that led to the dissolution of the two companies’ stablecoin venture Centre Consortium, but no dollar amount was mentioned at the time.
In its prospectus for an initial public offering, Circle said on Tuesday that in 2023, it acquired "the remaining outstanding 50% equity interest in Centre Consortium" from Coinbase for $210 million worth of shares.
Centre Consortium was a joint venture responsible for issuing the USDC stablecoin. Coinbase and Circle were partners in the joint venture.
"In August 2023, in connection with our entry into the collaboration agreement, we acquired the remaining outstanding 50% equity interest in Centre Consortium LLC from Coinbase," Circle said in Tuesday's filed IPO prospectus under the section labeled "significant transactions."
Circle, now the sole issuer of USDC, included detailed financial statements as part of its IPO prospectus.
"Total consideration for the Centre Acquisition was $209.9 million in the form of approximately 8.4 million of our common shares measured at fair value," Circle also stated in the filing. "Upon completion of the Centre acquisition, Centre became an indirect wholly-owned consolidated subsidiary of the company. In December 2023, the company dissolved Centre, and its net assets were distributed to another wholly-owned subsidiary of the Company."
In August 2023, Coinbase said it had taken an "equity stake in Circle" as part of a new arrangement that led to the dissolution of the two companies' stablecoin venture Centre Consortium. However, there was no mention of a dollar amount or an exchange of shares. "Centre will no longer exist as a stand-alone entity," it also said at the time.
"We entered into an updated arrangement with Circle, which results in even greater strategic alignment on the long-term success of the stablecoin ecosystem," Coinbase said in its Q3 2023 earnings report. "As part of the updated arrangement, operations and governance will be streamlined and enhance the direct accountability of Circle as the issuer of USDC."
Coinbase told The Block in 2023 that it did not purchase its stake in Circle but was granted equity.
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