Circle Dips 6% After Hours on 10M Share Secondary Offering

Circle (CRCL), the stablecoin issuer firm behind the USDC token, announced on Tuesday a secondary stock sale of 10 million shares.

The company is offering 2 million of Class A common stock for sale, while selling stockholders are unloading another 8 million, according to an S-1 filing with the U.S. Securities and Exchange Commission (SEC). The underwriter greenshoe option is for another 1.5 million shares.

Circle's stock declined 6% in after hours trading to $154. That's down nearly 50% from the record high of $299, but still up about five-fold from the IPO price of $31.

The offering comes roughly two months after Circle's debut on the New York Stock Exchange, which saw its stock price skyrocket amid investor appetite to gain exposure to the booming stablecoin market.

Earlier on Tuesday, the firm reported $428 million loss for the second quarter of the year.

Read more: Circle Unveils Layer-1 Blockchain Arc, Reports $428 Million Q2 Loss