Circle executives cash out at a high level, taking advantage of a stock price big pump of 349% to sell early.

Jin10 data reported on August 15 that while investors are scrambling to purchase the hot crypto assets company IPO this week, executives from stablecoin issuer Circle (CRCL.N) have begun to urgently cash in on the astonishing rise since the company’s listing. Circle announced on Tuesday that it will 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), cashing out approximately $1.4 billion. According to informed sources, this two-day allocation has been oversubscribed and is expected to complete pricing on Thursday local time. The company’s stock price has soared 349% since its listing in early June, and it also delivered impressive quarterly results earlier this week. This share sale comes much earlier than expected—just two months after Circle’s IPO, well before the end of the year lock-up period. However, JPMorgan, as the lead underwriter for the IPO and the party making lock-up waiver decisions, did not block this dumping. Joseph Schuster, founder of the Chicago IPO research firm IPOX, stated: ‘This is a reasonable arbitrage action, and the risk is thus transferred to the public market.’