3 Key Lessons from Circle’s IPO: IDG’s $68M Exit, Execs’ Big Profits, and the $400M Missed Opportunity

The IPO Surge That Left Millions on the Table

I’ve watched 14 startups go public in my career—Circle was one of the most explosive. But here’s what no PR team wants you to hear: some of the biggest players walked away with less than they could have.

The stock zoomed from \(29.30 at launch to over \)213 today. That’s a 629% move. Yet not everyone played it right.

IDG Capital: The Prudent Early Bird

IDG Capital—yes, that IDG—holds 12.8% of Circle pre-IPO via two shell entities: Chuang Xi and Wide Palace. They sold ~233K shares at \(29.30—\)68M in profit.

Now here’s where it gets spicy: their remaining stake? Over 20 million shares at current price = $447M+ in value.

They didn’t panic sell—they stayed smartly long-term.

But think about it: if they’d held through June 27th, that same stake would be worth nearly $4.3B.

That’s not greed—it’s math.

The Big Winners: Execs Who Knew When to Cash Out

Let me tell you about Jeremy Allaire—the CEO who turned his A-shares into B-shares… and then sold. He converted 18 million A-shares into B-shares (same economic value), then dumped over 158K B-shares at \(29.30—an estimated **\)46M** return.

Meanwhile, CPO Nikhil Chandhok? He walked away with $22.7M from selling ~75K shares between June 5–6—at just under $30 per share.

CFO Jeremy Fox-Geen? Sold 20K shares for $585K, while still holding over 120K options at $10 strike prices—sweet spot for future gains.

These aren’t random trades—they’re strategic exits by people who know market cycles better than most quant models.

The Ones Who Left Millions on the Table?

Let’s talk about General Catalyst—not a bad investor—but they sold off their entire stake around IPO time:

• Sold ~355K shares at ~\(29 → **\)104M**
• Remaining holdings now worth $429M, but missed out on an extra $650M+

Accel did similar: downgraded from 6.9% → 5.3%. They kept positions but left billions on the table by timing too early.

Breyer Capital and Oak Investment Partners followed suit—all reduced exposure before peak momentum hit.

Yes, they locked profits—but let me ask you: how much is peace of mind worth when your portfolio can double again?

What This Means for You as an Investor

This isn’t just a story about money—it’s about decision-making under pressure.

Stablecoins like USDC are becoming institutional cornerstones—but their equity side is still volatile and speculative as hell,

If you’re betting on DeFi growth:

• Watch shareholder behavior closely;
• Recognize that early exits don’t mean failure;
• And always ask: “Could I have done better?”

For those who want alpha without burnout? Focus on long-term holders like FMR (no sales) or institutions like IDG that stay in despite short-term temptation.