%Stablecoin issuer %Circle Internet Group (NYSE: $CRCL) plans to sell 10 million Class A shares in a secondary offering priced at $130 U.S. per share.
The new stock sale prices shares at more than four times the company’s initial public offering (IPO) held in June of this year.
CRCL stock has fallen more than 10% on news of the secondary share sale. The stock offering dilutes existing shareholders, leading many of them to sell their holdings.
The stablecoin issuer behind the USDC digital token says it is selling more stock to raise money to fund its continued operations.
The share sale was revealed in a filing with the U.S. Securities and Exchange Commission (SEC).
Circle said that it plans to use proceeds from the sale of its shares for “general corporate purposes.”
The company’s stock debuted on the New York Stock Exchange in June of this year after being priced at $31 U.S. per share.
The stock soared initially, rising as much as 235% on the first day of trading and hitting a record high of $298.99 U.S. on June 23.
However, CRCL stock has since declined to currently trade at $139.23 U.S. per share. Stablecoins are %Cryptocurrencies whose value is tied to another asset, usually the U.S. dollar.
