Circle to Offer 10 Million Class A Shares at $130 Each

Circle (CRCL) plans to offer 10 million shares in a secondary stock sale priced at $130 per share, more than four times to price of its initial public offering in June.

The stablecoin issuer behind the USDC token is itself offering 2 million shares of Class A common stock, it said in a Tuesday filing with the U.S. Securities and Exchange Commission (SEC). Existing shareholders putting up the other 8 million.

The company will use the proceeds from the sale of its shares for general corporate purposes. It won’t receive any proceeds from the shareholders’ sale.

The shares debuted on the New York Stock Exchange in early June after being priced at $31. They soared on trading, rising as much as 235% on the first day before closing at $83. The stock hit a record $298.99 on June 23 and closed Thursday at $139.23, a loss of over 9% on the day.

CRCL shares were recently 1.63% lower at $136.98 in pre-market trading.