IPO documents reveal that Circle will acquire Coinbase's stake in Centre for $210 million in 2023 According to The Block, stablecoin issuer Circle disclosed in its IPO prospectus submitted on Tuesday that it acquired the remaining 50% outstanding equity of Centre Consortium from Coinbase for $210 million in 2023. The Centre Consortium was originally a joint venture entity between the two parties to jointly operate the USDC stablecoin. According to the "Major Transactions" section of the prospectus, "In August 2023, at the same time as signing the cooperation agreement, we acquired the remaining 50% equity of Centre Consortium LLC from Coinbase." The consideration for this transaction was approximately 8.4 million shares of Circle common stock (at fair value totaling $209.9 million). After the acquisition, Centre became a wholly-owned subsidiary of Circle and was dissolved in December 2023, with its net assets transferred to another wholly-owned subsidiary of Circle. Coinbase stated in its Q3 2023 financial report that "we have reached a new agreement with Circle to strengthen strategic synergy in the long-term development of the stablecoin ecosystem." However, details of the equity transaction were not disclosed at the time. Coinbase clarified to the media that the Circle equity it acquired was granted through an agreement rather than a cash purchase.