Circle executives cash out at high positions, selling early as stock price surges 349%
ChainCatcher news, according to Jinshi Data reports, while investors are scrambling to buy the hot cryptocurrency company IPO this week, executives at stablecoin issuer Circle (CRCL.N) have begun to urgently cash in on the astonishing gains since the company's listing. Circle announced on Tuesday that it would sell 10 million shares at the current market price (of which 2 million shares are from the company and the rest from shareholders including CEO Jeremy Allaire), raising approximately $1.4 billion.According to insiders, this two-day placement has been oversubscribed and is expected to be priced on Thursday local time. The company's stock price has soared 349% since its listing in early June, and it recently reported impressive quarterly earnings earlier this week. This stock sale comes much earlier than expected—just two months after Circle's IPO and well before the end of the year lock-up period. However, JPMorgan, as the lead underwriter and lock-up waiver decision-maker for the IPO, did not block this sale. Joseph Schuster, founder of Chicago-based IPO research firm IPOX, stated, "This is a rational arbitrage behavior, and the risk is thus transferred to the public market."
