After Circle went public, the stock price soared, analysis of major shareholders' Holdings situation.

Since the successful listing of stablecoin issuer Circle, its stock price has continued to rise, attracting the attention of global investors, and it has even become the fourth largest overseas stock purchased in South Korea so far this year. While the stock price surged, Circle's investors and key shareholders reaped substantial returns, and their Holdings situation has also become a market focus.

This article整理了11个Circle主要股东在上市前后的减持情况和Holdings规模。从持股比例来看，目前IDG资本凭借多轮早期投资，成为了Circle已知的最大非创始人股东之一。Accel、General Catalyst、Breyer Capital和Oak等早期投资者在上市前通过减持锁定了收益，但因提前下车错失不少利润，最高损失可达数亿美元，而大多仍保持了相当可观的Holdings，将继续受益于股价的上涨。而ARK Invest等较晚参与的投资者则选择在Circle上市初期大胆押注，随后高位陆续套现获得丰厚回报。

IDG Capital: Exits over $68 million before going public, still one of the largest external shareholders.

IDG Capital is one of the earliest venture capital firms to engage in early-stage investments, having invested in several well-known technology companies. As an important early investor in Circle, IDG participated in the early A, B, and C round financing, holding a significant amount of the company's Holdings.

The prospectus shows that IDG's shares are held by its affiliated entities, totaling 23,275,040 shares, with a shareholding ratio of 12.8%.

On June 6, the IDG affiliated entity reduced its holdings by approximately 2.328 million shares at a price of $29.3, cashing out about $68.29 million. If calculated at the current market price of $213.6, it missed out on nearly $430 million in potential profits. After the reduction, IDG affiliated capital still holds about 20.947 million shares of Circle stock, accounting for 10.4% of the total shares. Based on the current stock price, the remaining holdings are valued at over $4.473 billion, making it one of the largest external institutional investors in the company.

It is worth mentioning that a certain holding company also established an industrial fund in 2016 in collaboration with IDG Capital, and invested in Circle as part of its initial 10 billion yuan investment project. This investment interest may be included in the aforementioned investment by the IDG affiliate.

General Catalyst: Holdings reached 10%, CRCL position is nearly 4.3 billion USD

General Catalyst is an investor in Circle's Series A and C rounds. According to documents disclosed by the U.S. SEC, General Catalyst is a significant shareholder in Circle, with a holding ratio that once exceeded 10%. As a continuous investor from Series A to E, General Catalyst sold approximately 3.55 million shares at a price of $29.3 on June 6, cashing out about $104 million. Based on a share price of $213.6, it missed out on about $650 million in paper profit. After the reduction, the institution still holds approximately 20.12 million shares of CRCL, valued at over $4.29 billion.

ARK Invest: Has reduced holdings and realized over $350 million, CRCL remains one of the core Holdings.

As of June 27, ARK Invest holds approximately $580 million worth of CRCL, with a total of about 2.818 million shares. Among them, the ARK Innovation ETF holds $368 million worth of CRCL, the ARK Next Generation Internet ETF holds $133 million, and the ARK Fintech Innovation ETF holds $78.85 million.

On the day Circle went public, ARK Invest purchased approximately 4.486 million shares of CRCL, with a holdings value of about $373 million at that time. However, starting from June 16, the institution began to significantly reduce its holdings of CRCL shares, cumulatively selling approximately 1,667,000 shares for about $352 million. Despite the substantial reduction, Circle remains one of the important holdings in three major ETFs under ARK Invest.

CEO Jeremy Allaire: Large-scale equity conversion before the IPO, cashing out over 46 million USD

Jeremy Allaire is the Chairman and CEO of Circle. Before the company went public, he conducted a large-scale stock conversion and trading operation, resulting in a post-IPO stock ratio of 23.7%. According to disclosures, on June 6, Allaire converted all of his 18.59 million shares of Class A common stock into Class B common stock, automatically converted at a 1:1 ratio. This type of stock enjoys the same economic benefits as Class A common stock but has stronger control in terms of voting rights. At the same time, Allaire also converted over 330,000 shares of Class A common stock into Class B shares through a trust he set up personally, continuing to hold them indirectly. On June 6, Allaire also sold over 15,800 shares of Class B common stock after automatic conversion, at an average price of $29.3 per share, totaling approximately $46.4 million in cashing out. Additionally, Allaire converted over 18 million Class A stock options into Class B options, with a total exercise period extending to 2033.

Despite Jeremy Allaire's recent sale of some shares and adjustment of the equity structure, his control over Circle has not been materially affected by the high voting power of Class B shares, the large options pool, and the family trust holding structure.

Accel: Holdings value exceeds $230 million, ownership ratio reaches 5.3%

Accel is one of the key shareholders involved in Circle's multiple rounds of financing, and its partner Jim Breyer is also an investment partner for IDG in the United States. According to publicly disclosed information, Accel originally held 12.816 million shares of CRCL, accounting for 6.9% of the total shares. During Circle's recent listing process, Accel reduced its shareholdings to 10.925 million shares, representing 5.3% of the total shares, which is worth over $230 million based on the most recent closing price.

Breyer Capital: Reduced holdings by 335,000 shares, remaining Holdings value still exceeds $280 million

Breyer Capital participated in Circle's Series A to D financing. Although Breyer Capital chose to reduce its holdings by over 335,000 shares during Circle's IPO, it did not disclose the specific reduction price. However, based on the current market price of $213.6, the market value of this portion of shares has reached $71.6 million. Currently, Breyer Capital still holds 1.336 million shares, with a holding ratio of 6.5%, and its Holdings value exceeds $285 million.

Oak Investment Partners: After reducing holdings, still holds 5.9%, with Holdings reaching $250 million

Oak Investment Partners began supporting Circle as early as 2014, participating in its Series B and C funding rounds. According to public data, before Circle went public, Oak reduced its holdings by approximately 209,000 shares of CRCL, which is valued at about $44 million based on the current market price. Currently, Oak holds over 1.188 million shares, with a shareholding ratio of 5.9%, and the value of its holdings is approximately $250 million.

It is worth mentioning that the trading head of Oak at that time faced charges a year later for insider trading related to other mergers and embezzlement of company funds, which directly led to Oak's decision to stop raising new funds.

FMR: Keeping shares unchanged, Holdings value exceeds 280 million USD

FMR is the parent company of an investment firm that participated in Circle's $50 million Series C financing. It did not reduce its holdings during Circle's listing process, maintaining its share count at 1.341 million shares, with a voting power ratio of 4.6%. The current value of its holdings exceeds $280 million.

CFO Jeremy Fox-Geen: Cashed out over 5.8 million USD, with options Holdings exceeding 1.2 million.

Jeremy Fox-Geen is the Chief Financial Officer (CFO) of Circle. On June 5, he reduced his direct holdings by approximately 44,600 shares of common stock through a non-trading transfer, and subsequently increased his holdings by 160,000 shares of common stock and corresponding stock options at a price of $10.11; on June 6, he sold another 200,000 shares at a selling price of approximately $29.3, with a total cash-out amount of about $5.854 million. If calculated at the current market price of $213.6, the potential book gain from these sold shares exceeds $37 million.

Currently, Jeremy Fox-Geen directly holds approximately 320,000 shares of CRCL common stock, and also has about 1.27 million stock options with an exercise price of $10.11, expiring in 6 years.

Date Rajeev V.: Profit of approximately 1.46 million USD, indirect Holdings valued at nearly 200 million USD

Date Rajeev V. is a managing partner of an investment and consulting firm. According to documents disclosed by the SEC in the United States, on June 6, 2025, he increased his indirect holdings of approximately 600,000 shares of CRCL common stock through a non-trading transfer, while selling 50,000 shares of common stock at a selling price of approximately $29.3, resulting in cash proceeds of about $1.465 million. If calculated at the current market price of $213.6, the potential book gain from this portion of the sold shares exceeds $9.5 million.

Currently, Rajeev V indirectly holds approximately 900,000 shares of CRCL common stock through affiliated entities and other trust institutions. Based on the current CRCL stock price, it is estimated to be worth about $192 million.

CPO Nikhil Chandhok: Cashed out over $22 million, Holdings still exceed 600,000 shares

Nikhil Chandhok is the Chief Product Officer (CPO) of Circle. According to documents disclosed by the U.S. SEC, he sold a total of approximately 758,000 shares of CRCL common stock between June 5 and June 6, with a selling price range between $29.3 and $31, cashing out about $22.7 million. If calculated at the current market price of $213.6, the potential book gain from this portion of the sold shares exceeds $160 million.

Currently, Nikhil Chandhok still holds approximately 606,000 shares of CRCL common stock, which is estimated to be worth about $130 million at the current stock price.