Circle (CRCL), the Stablecoin issuer behind the USDC token, announced 10 million shares of secondary shares on Tuesday.
The company sells 2 million Class A common stock while selling shareholder sales, while shareholder sales have dropped an additional 8 million, according to a filing of S-1 with the Securities and Exchange Commission (SEC). The underwriter’s Greenshoe option is an additional 1.5 million shares.
Circle’s stock fell 6% to $154 after opening hours. This is nearly 50% down from the record high of $299, but is increasing by about five times the IPO price from $31.
The offering takes place approximately two months after the circle’s debut on the New York Stock Exchange.
Earlier on Tuesday, the company reported a loss of $428 million in the second quarter of this year.
Read more: Circle announces Layer-1 blockchain arc reporting $428 million Q2 loss
