Concord Acquisition (CNDAW) 8-K Circle Valued at $9B in New Transaction Terms Agreed with Concord Acquisition Corp

Exhibit 99.2

2022 - 2023 Outlook February 2022 CONFIDENTIAL

Circle Internet Financial | Confidential | 2

P&L Summary Circle Internet Financial | Confidential | 3 1 Estimates subject to change as year - end is finalized 2 USDC reserve return rates calculated using CME 30 day federal funds futures curve as of January 19, 2022 ( https://www.cmegroup.com/markets/interest - rates/stirs/30 - day - federal - fund.quotes.html# ) 3 Adjusted EBITDA excludes digital asset impairment and other income/expense which are non - operational 4 Adjusted EBITDA / (Total Revenue and Interest Income less USDC Income Sharing and Transaction Costs) $mm 2021E 1 2022F 2023F Growth % 2021E 2022F 2023F USDC Interest Income 2 28 438 2,188 542% 1,440% 399% TTS 48 113 366 1,737% 138% 223% SeedInvest 9 10 18 4% 19% 71% Total Revenue and Interest Income $85 $562 $2,572 449% 563% 357% USDC Income Sharing and Transaction Costs 12 163 773 321% 1,273% 374% TTS Costs 31 79 275 3,815% 157% 248% Total Third Party Transaction Costs $43 $242 $1,048 1,080% 468% 333% Compensation 68 234 418 257% 247% 79% General and Administrative 31 79 167 124% 154% 111% Depreciation and Amortization 4 16 27 (12%) 309% 66% IT Infrastructure 5 16 30 40% 200% 95% Marketing 14 109 205 3,302% 701% 88% Total Operating Expenses $122 $454 $847 193% 274% 87% % of Total Revenue and Interest Income 143% 81% 33% Operating Profit ($79) ($134) $677 na na na Stock - Based Compensation 21 62 117 483% 198% 88% Depreciation and Amortization 4 16 27 (12%) 309% 66% Adj. EBITDA 3 ($54) ($56) $820 na na na Adj. EBITDA margin % 4 46%

Key Metrics 2021E 1 2022F 2023F USDC in Circulation ($bn) $42 $110 $220 Monthly Active Customers (#) 380 2,000 5,000 Total Transaction Volume ($bn) $268 $804 $1,810 Fiat Transaction Volume ($bn) $2.9 $4.5 $7.5 Total Volume Lent ($bn) $0.2 $2.5 $6.4 Growth % USDC in Circulation 951% 260% 100% Monthly Active Customers 288% 426% 150% Total Transaction Volume 3271% 198% 125% Fiat Transaction Volume 4767% 155% 67% Total Volume Lent 0% 1,648% 148% Circle Internet Financial | Confidential | 4 1 Estimates subject to change as year - end is finalized USDC in Circulation - Amount of USDC in circulation at period end Monthly Active Customers - Business accounts with >$100k in transaction volume per month across all Circle products Total Transaction Volume - Total of Fiat Transaction Volume and On - Chain Transaction Volume through Circle Accounts and Circle APIs Fiat Transaction Volume - Gross value of all revenue generating fiat transactions from the Transaction Services business, including domestic bank transfers using ACH, credit and debit card transactions and wires Total Volume Lent - Value of loans outstanding at period end Definitions