Binance invests $100 million in Circle and signs 5-year USDC promotion agreement

A Form 8-K filing submitted by Circle to the SEC reveals that Binance invested $100 million to acquire 1.237 million shares of Circle Class A common stock at $80.84 per share. The shares are subject to a lock-up period of up to two years. Additionally, the two companies signed a new five-year agreement under which Binance will promote USDC on its platform, and Circle will pay monthly incentive fees based on USDC holdings. The transaction was completed on September 17.