That makes you wonder what's the current price for Coinbase or Binance... On the other hand: sure 400M is a lot of money, but if exchanges can get 1B+ in profit in a year, then it's probably a decent investment. If Circle really can solve the scalability issues and make the site a top-contender again in the exchange-business, they're gonna get pretty good bang for their buck.
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I guess only Coinbase has the chance to make 1B a year, also if we take Binance Coin as a reference point for Binance's valuation, it should be around 1 Billion $. Alo the deal is backed by Goldman Sachs. Thanks for commenting.