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.

More Crypto

See all Crypto
crypto
Sage D. Young

Solana falls to a more than 3-month low

The price of solana has been struggling, dipping below $76 briefly on Tuesday, a level not seen since February.

Despite the underlying asset suffering, solana ETFs saw $115 million of inflows in May, the highest monthly figure in 2026, data from SoSoValue shows. The investment vehicles have brought in a total of $1.1 billion since their inception last year and have yet to record a monthly outflow.

However, positive ETF flows haven’t swayed traders, who are increasingly negative: prediction market-implied odds of solana dropping under $60 in the year stand at 60%, an increase from 45% three weeks ago.

Loading...
 

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

"ETF flows for Solana have been positive but relatively small, so they currently only have a marginal effect on the overall price discovery for SOL," according to Carlos Guzman, research analyst at crypto trading firm GSR.

"Solana has been caught up in the broader crypto market weakness, where, outside of a few sectors that have attracted interest of late, including perpetual exchanges, privacy, and AI, most crypto token performance has been sluggish," Guzman told Sherwood News. "The meme coin narrative that drove interest in SOL in late 2024 and early 2025 has largely subsided, so the token has found itself outside of the current zeitgeist."

Meanwhile, former presidential candidate Andrew Yang’s Noble Mobile announced on Tuesday that it acquired Helium Mobile, a wireless carrier that runs on the solana blockchain. The two companies both declined to disclose the deal’s financial details, according to a report from Fortune.

Loading...
 

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

"ETF flows for Solana have been positive but relatively small, so they currently only have a marginal effect on the overall price discovery for SOL," according to Carlos Guzman, research analyst at crypto trading firm GSR.

"Solana has been caught up in the broader crypto market weakness, where, outside of a few sectors that have attracted interest of late, including perpetual exchanges, privacy, and AI, most crypto token performance has been sluggish," Guzman told Sherwood News. "The meme coin narrative that drove interest in SOL in late 2024 and early 2025 has largely subsided, so the token has found itself outside of the current zeitgeist."

Meanwhile, former presidential candidate Andrew Yang’s Noble Mobile announced on Tuesday that it acquired Helium Mobile, a wireless carrier that runs on the solana blockchain. The two companies both declined to disclose the deal’s financial details, according to a report from Fortune.

Yaël Bizouati-Kennedy
June Gloom
10h
Bitcoin falls below $68,000 as bitcoin ETFs hit record losing streak

Strategy’s sale of 32 bitcoin may be small in number but it’s big in impact on market sentiment.

Bitcoin ATM Machine
Money

HYPE notches all-time high, and its treasury companies are the only profitable ones

Hyperliquid Strategies and Hyperion DeFi, two firms focused on accumulating HYPE, are currently the only digital asset treasury companies with gains.

Sage D. Young6/1/26
Yaël Bizouati-Kennedy
6/1/26
Bitcoin closed May in the red. Will June be doom and gloom?

May was bad, but June is historically worse for bitcoin’s performance

A Bitcoin symbol displayed outside a Bitcoin ATM, on November 20, 2024 in Krakow, Poland.
crypto
Sage D. Young

Ethereum developer unlocks $2 million of trapped tokens from 2016 ICO contract

Initial coin offerings (ICOs) have been a way for people in the crypto space to fundraise capital that involved users sending ethereum to a smart contract with the expectation of receiving a project’s tokens.

Despite the popularity of ICOs, a number of projects failed, were unable to meet fundraising goals, and then, for one reason or another, were unable to return investors’ capital. One such example was HongCoin, which aimed to be a decentralized venture fund across borders.

On Sunday morning, blockchain sleuth 0xFlorent announced unlocking 1,003.62 ethereum tokens, worth $2 million, in HongCoin’s 2016 smart contract, enabling the 48 initial investors to claim funds that have been trapped for nine years. Of the investors, two have so far claimed a combined 96.5 ethereum.

The contract held all of the investors’ ethereum and was meant to auto-refund the cryptocurrencies, but “a bug in the refund function quietly broke that, and the funds got stuck,” 0xFlorent said in an X thread.

The HongCoin recovery was the second one the ethereum developer has disclosed in the past eight days. Last Sunday, 0xFlorent said they unlocked over 19.3 ETH, worth $40,590, that were stuck in two old contracts.

As to whether 0xFlorent will unlock more tokens stuck in ICO contracts, the security researcher doesn’t know. “It’s not my main activity and I did it because I found a way to help people. That’s it," 0xFlorent told Sherwood News.

Latest Stories

Sherwood Media, LLC and Chartr Limited produce fresh and unique perspectives on topical financial news and are fully owned subsidiaries of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Money, LLC, Robinhood U.K. Ltd, Robinhood Derivatives, LLC, Robinhood Gold, LLC, Robinhood Asset Management, LLC, Robinhood Credit, Inc., Robinhood Ventures DE, LLC and, where applicable, its managed investment vehicles.
©2026 Sherwood Media, LLC