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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Bitcoin options market signaling “smart money is still paying up for downside protection rather than chasing the pump”

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Sage D. Young

Ethereum struggles to hold market gains

After rallying from $1,830 to above $2,100 on Wednesday, ethereum struggled to hold on to its gains and dipped under $2,000, a round psychological price level, on Thursday. 

The seesaw price action helped liquidate $146 million worth of leveraged long and short positions on ethereum in the last 24 hours, data from CoinGlass shows.  

While ethereum was due for a relief rally after entering into oversold conditions as measured by its relative strength index, some are still maintaining a bearish sentiment, according to Delphi Digital analyst Simon Shockey.

With ethereum now trading under $2,000, Shockey called the rally “unconvincing.” He told Sherwood News that he doesn’t “think most crypto natives are compelled to really believe the lows are in,” adding that he could see ethereum fall further from here and make new lows in the second half of the year. 

The price action comes as cofounder Vitalik Buterin has sold $35 million worth of ethereum tokens since the start of February and the paper loss for the largest ethereum treasury firm, BitMine Immersion Technologies, has climbed to nearly $7.9 billion. 

On the positive side, ethereum developers introduced a new road map that involves seven hard fork upgrades by 2029 and several north stars, one of which aims to make ethereum a “post quantum” layer 1 network.

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2/26/26
Bitcoin’s brief bounce doesn’t signal the bottom, analysts warn

With only two days to go in February, the asset is on track to notch its fifth straight month of losses.

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Yaël Bizouati-Kennedy
2/25/26
Bitcoin gets a positive bounce following State of the Union

“This has been a silver lining, given the tumultuous time crypto markets have had over the past months and weeks, but it does not call for celebration just yet,” one expert warned.

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crypto
Sage D. Young

Crypto industry sees relief bounce in midst of winter

Crypto assets and crypto-adjacent companies are catching a bid and rebounding off recent lows, with stablecoin issuer Circle soaring after reporting strong earnings before the bell. The company beat on revenue and reported that USDC in circulation has grown to $75.3 billion, up 72% year over year.

The total market capitalization of all cryptocurrencies has increased 4.5% in the last 24 hours, and both tokens and companies close to crypto are enjoying a boost:

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

Despite the relief bounce, some are still uneasy. “The whole market still seems very heavy to me,” Glenn Rosenberg, managing partner at Persistent Trading, told Sherwood News. “Jokingly, BTC feels like it’s now 100% correlated to any asset or news that’s negative! I think we test 60,000 — that’s a big long-term channel and could push lower from there,” he said. “The whole [space] looks risky right now.”

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