Circle shares fall after stablecoin issuer says it will offer 10 million shares

Circle Internet Group stock tumbled more than 5% in extended trading Tuesday after it said it would offer 10 million Class A shares to the public.

Of the total stock being offered, 2 million shares will be offered by Circle. The remaining 8 million shares will be sold by stockholders.

The stablecoin issuer’s shares have soared more than 450% since it went public on June 5.

As part of the offering, Circle is offering its underwriters a 30-day option to buy an additional 1.5 million shares.

Circle shares closed Tuesday up 1.3% after the company reporting its first quarterly results as a publicly traded company. While charges tied to its IPO weighed on its second-quarter results and led to a loss of $4.48 per share, it saw revenue rise 53% on the back of strong stablecoin growth.