Why Circle Internet Group Slumped by 11% This Week
Investors were skeptical that an announced acquisition would be beneficial.
Overview
Circle Internet Group (NYSE: CRCL) had a week to forget, as far as its equity was concerned. After the cryptocurrency developer announced an acquisition on Tuesday, many investors bailed from its stock. Ultimately, Circle shrank by 11% over the Labor Day-shortened trading week, according to data compiled by S&P Global Market Intelligence.
Before market open Tuesday, Circle divulged that it had signed a definitive agreement to acquire Singapore-based Tazapay. The Asian company specializes in cross-border business-to-business (B2B) payment technology.
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Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.