Circle's stock price surge attracts follow, major shareholders' Holdings situation comes to light

Since the stablecoin issuer Circle went public, its stock price has continued to rise, attracting global investors' attention, and it has even become the fourth largest overseas stock purchased in South Korea this year to date. With the stock price rising, Circle's investors and major shareholders have received substantial returns, and their Holdings have also become a market focus.

This article reviews the reduction in holdings and the scale of holdings of 11 major shareholders of Circle before and after its listing. In terms of shareholding ratio, IDG Capital has become one of the largest known non-founder shareholders of Circle, thanks to multiple rounds of early investment. Early investors such as Accel, General Catalyst, Breyer Capital, and Oak locked in some profits by reducing their holdings before the listing, but missed out on potential profits due to early exit. Most investors still maintain considerable holdings and will continue to benefit from the rise in stock prices. In contrast, later participants like ARK Invest chose to boldly buy in during the early stages of Circle's listing and then gradually cashed out at high levels to achieve substantial returns.

IDG Capital: Cashing out over $68 million before IPO, still one of the largest external shareholders

IDG Capital is an important early investor in Circle, participating in the A, B, and C rounds of financing, holding a significant amount of equity in the company. The prospectus shows that IDG, through its affiliated entities, holds a total of 23,275,040 shares, accounting for 12.8% of the shareholding.

Chuang Xi Capital reduced its holdings by approximately 2.328 million shares at a price of $29.3 on June 6, cashing out about $68.29 million. Based on the current market price of $213.6, it missed out on approximately $430 million in potential profits. After the reduction, IDG-affiliated capital still holds about 20.947 million shares of Circle, with a stake of 10.4%. Based on the current stock price, the remaining holdings are valued at over $4.473 billion, making it one of the company's largest external institutional investors.

General Catalyst: Holdings reach 10%, CRCL position nearly $4.3 billion

General Catalyst is an investor in Circle's Series A and C rounds, with a shareholding 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, realizing about $104 million in cash. Based on a stock 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 CRCL shares, valued at over $4.29 billion.

ARK Invest: Has reduced holdings and cashed out 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. On the day Circle went public, ARK Invest purchased approximately 4.486 million shares of CRCL for the first time. Since June 16, the firm has significantly reduced its holdings of CRCL stock, cumulatively cutting approximately 1,667,000 shares, with a cash-out amount of about $352 million. Despite the large-scale reduction, Circle remains one of the important Holdings in ARK Invest's three main ETFs.

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

Jeremy Allaire is the Chairman and CEO of Circle, with a post-IPO stock ratio of 23.7%. On June 6, he converted all of his 18.59 million shares of Class A common stock into Class B common stock at an automatic conversion ratio of 1:1 per share. At the same time, Allaire also converted over 330,000 shares of Class A common stock into Class B shares through a trust he established personally. Additionally, on June 6, Allaire sold over 15,800 shares of Class B common stock after the automatic conversion, at an average price of $29.3 per share, totaling approximately $46.4 million in cash.

Despite Jeremy Allaire recently selling part of his shares and adjusting the equity structure, his control over Circle has not been materially affected due to the high voting power of Class B shares, a large options pool, and the family trust shareholding structure.

Accel: Holdings value exceeds 230 million USD, holding ratio reaches 5.3%

Accel is one of the important shareholders participating in Circle's multiple rounds of financing. According to publicly disclosed information, Accel originally held 12.816 million shares of CRCL, with a shareholding ratio of 6.9%. During Circle's listing process this round, Accel reduced its shareholding to 10.925 million shares, with a shareholding ratio of 5.3%. Based on the most recent closing price, it is valued at over 230 million USD.

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

Breyer Capital participated in Circle's Series A to Series D financing. During Circle's IPO, Breyer Capital chose to reduce its holdings by over 335,000 shares, which, at the current market price of $213.6, has a market value of $71.6 million. Currently, Breyer Capital still holds 1.336 million shares, accounting for 6.5% of the total, with a holdings value exceeding $285 million.

Oak Investment Partners: After reducing holdings, still holds 5.9%, with a position of 250 million USD

Oak Investment Partners began supporting Circle as early as 2014, participating in its Series B and C funding rounds. Before Circle went public, Oak reduced its holdings by approximately 209,000 shares of CRCL, which has an estimated value of around $44 million at the current market price. Currently, Oak holds over 1.188 million shares, accounting for 5.9% of the total shares, with a holdings value of approximately $250 million.

FMR: Keep shares unchanged, Holdings value exceeds $280 million

FMR is the parent company of Fidelity Investments, which participated in Circle's $50 million Series C financing. It did not reduce its holdings during Circle's IPO process, maintaining a total of 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, with options holdings exceeding 1.2 million.

Jeremy Fox-Geen is the Chief Financial Officer of Circle. On June 5, he reduced his direct holdings by approximately 44,600 shares of common stock through a non-trade transfer, and subsequently increased his holdings by purchasing 160,000 shares of common stock and corresponding stock options at a price of $10.11; on June 6, he sold an additional 200,000 shares at a selling price of approximately $29.30, with a total cash amount of approximately $5.854 million.

Currently, Jeremy Fox-Geen directly holds approximately 320,000 shares of CRCL common stock, along with about 1.27 million stock options with an exercise price of $10.11, with a term of up to 6 years.

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

Date Rajeev V. is the managing partner of the investment and consulting firm Fenway Summer LLC. On June 6, 2025, he increased his indirect holdings of approximately 600,000 shares of CRCL common stock through a non-trade transfer, while personally selling 50,000 shares of common stock at a selling price of approximately $29.3, realizing a cash amount of about $1.465 million.

Currently, Rajeev V indirectly holds approximately 900,000 shares of CRCL common stock through affiliated entities, valued at around $192 million based on the current CRCL stock price.

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

Nikhil Chandhok is the Chief Product Officer of Circle. From June 5 to June 6, he sold a total of approximately 758,000 shares of CRCL common stock, with a selling price range between $29.3 and $31, cashing out approximately $22.7 million.

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