Circle's stock price soared after its listing, revealing the holdings of major shareholders.

Since Circle successfully went public in early June, its stock price has continued to rise, attracting widespread attention from global investors. The company has even become the fourth largest foreign stock purchased in South Korea so far this year. With the surge in stock prices, Circle's investors and major shareholders have reaped substantial returns, and their Holdings have become the focus of the market.

This article reviews the reduction in holdings and the scale of shareholding 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 due to multiple rounds of early investment. Early investors such as Accel, General Catalyst, Breyer Capital, and Oak locked in some profits through share reductions before the listing, but missed out on considerable potential profits by selling early, with losses reaching up to hundreds of millions of dollars. However, most investors still maintain a considerable Holdings and will continue to benefit from the rise in share prices. On the other hand, later investors like ARK Invest chose to make bold bets during Circle's early listing phase, subsequently cashing out at high levels to obtain substantial returns.

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

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

On June 6, IDG reduced its holdings by approximately 2.328 million shares at a price of $29.3, cashing out about $68.29 million. Based on the current market price of $213.6, this resulted in a missed potential profit of nearly $430 million. After the reduction, IDG still holds approximately 20.947 million shares of Circle, with a holding ratio of 10.4%. Based on the current stock price, the remaining holdings are valued at over $4.473 billion, making it still one of the largest external institutional investors in the company.

General Catalyst: Holdings reached 10%, with nearly $4.3 billion in holdings.

General Catalyst is an investor in Circle's Series A and C rounds, with a holding percentage that once exceeded 10%. On June 6, the firm sold approximately 3.55 million shares at a price of $29.3, cashing out about $104 million. Based on a stock price of $213.6, it missed out on approximately $650 million in paper profits. After the reduction, General Catalyst still holds about 20.12 million shares of Circle, valued at over $4.29 billion.

ARK Invest: Has reduced its holdings and cashed out over $350 million, Circle remains one of the core Holdings.

As of June 27, ARK Invest held approximately $580 million worth of Circle stock, with a total of about 2.818 million shares. On the day Circle went public, ARK Invest initially purchased about 4.486 million shares, with the holdings valued at around $373 million at that time. Since June 16, the firm has significantly reduced its holdings, cumulatively cutting about 1.667 million shares, which amounted to approximately $352 million in cash. Despite the substantial 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

Jeremy Allaire is the Chairman and CEO of Circle, who conducted a large-scale stock conversion and trading operation before the company's IPO. He converted all of his 18.59 million Class A common shares into Class B common shares, while also converting over 330,000 Class A common shares into Class B shares through a personal trust. On June 6, Allaire sold over 15,800 Class B common shares at an average price of $29.3 per share, totaling approximately $46.4 million.

Despite the partial sale of shares and adjustments to the equity structure, Allaire's control over Circle has not been materially affected due to the high voting rights of Class B shares, a large option pool, and the family trust shareholding structure.

Accel: Holdings valued at over $230 million, with a shareholding ratio of 5.3%

Accel is one of the key shareholders participating in Circle's multiple rounds of financing. In this round of Circle's IPO process, Accel reduced its holdings from 12.816 million shares to 10.925 million shares, holding a stake of 5.3%. Based on the most recent closing price, this is worth over $230 million.

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. When Circle went public, Breyer Capital chose to reduce its holdings by over 335,000 shares. Currently, Breyer Capital still holds 1.336 million shares, accounting for 6.5% of the total, and the value of its holdings exceeds $285 million.

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

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. Currently, Oak holds over 1.188 million shares, with a ownership ratio of 5.9%, and the value of its holdings is approximately $250 million.

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

FMR is the parent company of Fidelity Investments and participated in Circle's $50 million Series C funding. During Circle's IPO process, FMR did not reduce its holdings, 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, options Holdings exceed 1.2 million.

Jeremy Fox-Geen is the Chief Financial Officer of Circle. He conducted a series of stock trades on June 5 and June 6, cashing in approximately $5.854 million in total. Currently, Jeremy Fox-Geen directly holds about 320,000 shares of Circle common stock and has approximately 1.27 million stock options with an exercise price of $10.11, expiring in 6 years.

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

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 Circle common stock by approximately 600,000 shares through a non-trading transfer, while selling 50,000 shares of common stock for a cash amount of approximately $1.465 million. Currently, Rajeev V indirectly holds approximately 900,000 shares of Circle common stock through affiliated entities, which is estimated to be worth about $192 million based on the current 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. He sold approximately 758,000 shares of Circle common stock between June 5 and June 6, realizing about $22.7 million. Currently, Nikhil Chandhok still holds about 606,000 shares of Circle common stock, which is estimated to be worth approximately $130 million at the current stock price.