Crypto
crypto
Yaël Bizouati-Kennedy

Circle drops after 10 million share offering with top shareholders and CEO reducing their positions

Stablecoin giant Circle announced a secondary stock sale of 10 million shares. The company will offer 10 million shares of its Class A common stock, with selling stockholders offering 8 million of those shares, according to a press release. Underwriters have an option to purchase an additional 1.5 million shares.

The stock was down 2% in premarket trading.  

The majority of the offering is effectively a liquidity event for some of Circle’s largest holders and insiders. Assuming the underwriters’ option is not exercised, IDG Capital will sell 1.17 million, General Catalyst will unload 1.12 million, and Fidelity’s position will be down by about 750,000 shares. Private equity firms Oak Investment Partners and Accel are also owners of 5% of the company and are reducing their exposure in this offering, while CEO and Chairman Jeremy Allaire is selling 357,812 shares.

Circle’s lockup period is poised to expire on either the second trading day following the release of earnings for the quarter ending September 30, 2025 (i.e., about three months from now) or 180 days after its initial public offering — whichever comes first. This secondary offering allows some important shareholders to book gains after the stock’s hot post-IPO run.

Circle expects to raise $309.4 million to $542.6 million from this offering, depending on how much (or whether) underwriters exercise their option to purchase additional shares.

The announcement came hours after the company released its first earnings report as a public company, beating analysts’ revenue estimates but missing on earnings-per-share estimates. It also comes two months after its massive IPO.

Circle issues USDC, a stablecoin pegged to the US dollar that has a $65 billion market cap and is the second-largest stablecoin. Its circulation “grew 90% year-over-year to $61.3 billion at quarter end, and has grown an additional 6.4% to $65.2 billion as of August 10, 2025,” per the earnings report.

Some of the risk factors of the offering include that the company faces “intense and increasing competition” and that “stablecoins may face periods of uncertainty, loss of trust, or systemic shocks resulting in the potential for rapid redemption requests (or runs),” per the SEC filing.

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Yaël Bizouati-Kennedy

XRP ETFs have now crossed $1 billion in assets since the funds launched, according to SoSoValue, which shows total assets of $1.18 billion.

In September, the SEC approved generic listing standards, which paved the way for speedier listings and opened the floodgates for these products, and shortly after, Rex-Osprey launched the first spot XRP ETF available in the US.

Canary followed suit in November, launching an ETF trading on the Nasdaq under the ticker XRPC, which saw a record $58.5 million in trading volume on its first day. It’s the largest XRP ETF in the US, with $342 million in assets.

Grayscale, Bitwise, and Franklin Templeton also launched their own XRP ETFs in November. On December 11, 21Shares joined the XRP fund party.

It’s a noteworthy green shoot in the crypto space, as bitcoin and its ETFs have struggled, and XRP itself is down nearly 15% over the past month.

Jake Hanley, managing director and senior portfolio specialist at Teucrium Investment Advisors — which launched the first-ever XRP-based ETF in April, the 2x Long Daily XRP ETF — told Sherwood News that he is not surprised to see this level of interest in the XRP ETFs.

“We have long held that XRP and the Ripple ecosystem present a unique investment case among crypto assets. Crossing the $1 billion mark is yet another signal of the significant vote of confidence investors have in this increasingly important asset and ecosystem,” Hanley said.

Yaël Bizouati-Kennedy
12/10/25
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Sage D. Young

New bitcoin AfterDark ETF will be bitcoin at night, Treasurys by day

Tidal Trust II submitted form N-1A with the SEC to register a bitcoin ETF designed to systemically capture the cryptocurrency’s overnight return profile, a time window that delivered a significant portion of bitcoin’s upside last year.

The Nicholas Bitcoin and Treasuries AfterDark ETF provides long bitcoin exposure during US overnight hours, from the closing bell until the following morning’s market open, when the fund intends to unwind its positions, according to a document filed with the SEC on Tuesday. 

To gain that exposure, the ETF may use a number of methods, including bitcoin futures contracts, US-listed ETFs, or exchange-traded options on such bitcoin underlying funds. When the market is open and daytime trading is active, the fund’s portfolio will consist of US Treasury securities and other cash equivalents. 

In 2024, most of bitcoin’s gains occurred after-hours, senior Bloomberg ETF analyst Eric Balchunas reported:

The AfterDark ETF filing comes as bitcoin crossed $94,000 on Tuesday, rising 4.5% in the last 24 hours. Even though spot bitcoin ETFs saw nearly $60.5 million in outflows on Monday, the investment vehicles have a cumulative net inflow of $57.6 billion, per SoSoValue.

Yaël Bizouati-Kennedy
12/8/25
Bitcoin will “snapback or chop ahead of the Fed” decision

Traders on prediction markets are divided, giving an equal chance that bitcoin drops below $80,000 or rises above $100,000 this year.

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