Circle execs and VCs misread the market — it cost them $2B
Executives and venture capitalists (VCs) who sold shares into the initial public offering (IPO) of Circle (CRCL) missed out on a rocketship rally. With at least $1.9 billion in opportunity costs through June 6, 2025, calculating the missed profits of selling instead of buying Circle’s IPO is painful. As proceeds for their sales at $29.30 per share, these VCs and executives received about $270 million. Had they simply held those shares for a couple of extra weeks, those same shares could have been worth billions. Circle’s chief product and technology officer, for example, sold 300,000 shares of class A common stock at $29.30. Had he not sold those into the IPO, he would still have shares worth $240.28 apiece as of Friday’s close. In other words, selling at the IPO cost this executive $63 million personally in opportunity cost. Similarly, Circle’s chief financial officer sold 200,000 shares of class A common stock at the same $29.30 price. His sale cost him $42 mill...
