Circle (NYSE: CRCL) shares hit $199.59, with a total market capitalization of $44.417 billion, yielding substantial profits for early investors. According to RootData financing data and Circle’s prospectus:
Accel and General Catalyst held a key advantage through early entry. The Series A 9M investment had the lowest cost, with an initial valuation likely in the millions, resulting in a nominal multiple of over 4,000 times based on the current market capitalization. However, the prospectus indicates that their holdings have been significantly diluted.
IDG Capital was a key player in Circle’s early-stage investments in China. Although its participation in the C, D, and E rounds may have been affected by dilution, after the IPO, IDG Capital holds 10.4% of Class A shares, ranking first, followed by General Catalyst (10%), Breyer (6.7%), and Accel (5.4%). Circle co-founders Jeremy Allaire and P. Sean Neville hold 78.9% and 21.1% of Class B shares, respectively.
DCG strategically invested $25 million in Circle and supported the launch of USDC through Genesis Trading, though the valuation was not disclosed. Based on previous funding rounds, the valuation is estimated to be approximately $3 billion to $4.5 billion. If calculated at a $3.5 billion valuation, DCG’s $25 million investment would yield a potential multiple of approximately 12.6 times at the current market capitalization of $44.4 billion. Combining funding rounds and the prospectus, DCG’s low-cost entry and holding until the IPO peak, along with its continued participation and early entry, have yielded high returns.
