Circle executives cash out at high levels, taking advantage of a 349% surge in stock price to sell early.

When investors are still rushing to buy the hot cryptocurrency company IPO of the week, executives of stablecoin issuer Circle have already started to urgently cash out on the amazing gains since the company went public. Circle announced on Tuesday that it will sell 10 million shares at the current market price, raising approximately $1.4 billion. According to sources, the two-day offering was oversubscribed, and pricing is expected to be completed on Thursday local time. Since going public in early June, the company's stock price has surged by 349%, and earlier this week it reported impressive quarterly earnings. This share sale came much earlier than expected - just two months after Circle's IPO and well before the end of the lock-up period at year-end. However, JPMorgan, as the IPO's lead underwriter and decision maker on lock-up waivers, did not block the sale. Joseph Schuster, founder of Chicago-based IPO research firm IPOX, said, "This is a reasonable arbitrage activity that shifts the risk onto the public market."