Circle insaidaz dem sell $1.4B shares after 349% IPO surge
Insiders for Circle go fit sell 10 million shares wey worth $1.4B, just 2 months after the stablecoin issuer do im IPO for June. The offer get 8 million shares from early investors, including CEO Jeremy Allaire, plus 2 million from Circle itself. JPMorgan commot im normal lock-up dem so the two-day market sale fit happen, wey oversubscribed and pass Circle original IPO proceeds. Since the IPO, Circle stock price don increase 349%, peak at $298.99 and still dey above the original level even wit small pullback wey happen recently. Experts talk say the insider sale na rational cash-in wey no go affect market too much. The high volume trading wey happen for the past two months show say short-term price pressure limited, and analysts no see this Circle share sale as sign say the company get fundamental wahala.
Neutral
Even tho Circle share sale fit cause small short-term pressure wey go make stock drop, di oversubscribed offering and high trading volume show say investors dey interested well well. Di two-month rise for Circle share price plus di absence of any wahala for bigger market mean say di impact neutral, as dis profit-taking event no show say any serious problem dey. Traders suppose see di move as normal insider profit-taking no be as something wey go make price drop steady.