Circle on Tuesday announced the sale of 10 million shares, 2 million from the company and the rest from shareholders including CEO Jeremy Allaire, at current market prices, raising about $1.40 billion. The two-day placement was oversubscribed and is expected to be priced on Thursday, according to people familiar with the matter. Shares in the company, which went public in early June, have soared 349 percent so far.
The sale came much earlier than expected - just two months before Circle went public and well before the end of the year's lock-up period. But JPMorgan Chase, the lead underwriter of the IPO and a decision on lock-up waivers, did not stop the sell-off.
Joseph Schuster, founder of IPOX, a Chicago-based IPO research firm, said: "This is a reasonable arbitrage, and the risk is passed on to the public market." (Jin Ten)
Circle executives cashed out at a high level and sold early while the stock price soared 349%
2025-08-15 02:42:23
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