Circle Shares Slide 5% Post-Market on Share Sale Plan Following 425% IPO Rally
Main Idea
Circle's shares dropped 5% post-market after announcing a 10M share sale plan, despite strong Q2 revenue growth and USDC's rapid expansion, and unveiled its new Layer 1 blockchain, Arc.
Key Points
1. Circle announced plans to sell 10 million Class A shares, including 8 million from existing shareholders, causing a 5% drop in after-hours trading.
2. Q2 revenue surged 53% year-over-year to $658 million, beating analyst estimates, though IPO-related charges led to a net loss of $4.48 per share.
3. USDC circulation grew 90% year-over-year to $65.2 billion, making it the fastest-growing major stablecoin, driven by cross-border settlements and global store of value use.
4. Circle introduced Arc, an Ethereum Virtual Machine-compatible Layer 1 blockchain designed for stablecoin finance, with USDC as its native gas token and a public testnet expected in 2025.
Description
Circle to sell 10M Class A shares, including 8M from existing shareholders, after massive IPO rally. Q2 revenue surged 53% to $658M, beating analyst estimates, despite IPO-related losses. USDC circulation rose 90% YoY to $65.2B, making it the fastest-growing major stablecoin. Circle Internet Financial shares dropped more than 5% in after-hours trading Tuesday after the company announced plans to sell 10 million Class A shares, following a staggering rally of over 425% since its June 5 IPO. In a ...
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