BTCC
/
BTCC Square
/
Global Cryptocurrency
/
Circle Shares Drop 6% After Hours Following Secondary Offering Announcement
Circle Shares Drop 6% After Hours Following Secondary Offering Announcement
15
2
BTCCSquare news:
Circle (CRCL), the issuer of USDC stablecoin, unveiled plans for a 10-million-share secondary offering, triggering a 6% after-hours decline to $154. The stock now trades nearly 50% below its $299 peak but remains five times above its $31 IPO price.
The offering includes 2 million Class A shares from the company and 8 million from selling stockholders, with an underwriter option for an additional 1.5 million shares. This MOVE comes just two months after Circle's NYSE debut, which capitalized on intense investor interest in stablecoin exposure.
Separately, Circle reported a $428 million Q2 loss, casting shadows on its post-IPO performance. The secondary offering suggests early investors may be taking profits after the stock's initial surge.
By:
