Circle (CRCL), known for its USDC token, has announced a secondary stock sale involving 10 million shares. The offering consists of 2 million in Class A common stock directly from the company, while existing stockholders are putting up an additional 8 million shares. A recent filing with the U.S. Securities and Exchange Commission (SEC) revealed that the underwriter’s option includes another 1.5 million shares.

Following this announcement, Circle’s stock price fell by 6% during after-hours trading, landing at $154. This marks a significant decline from its peak of $299, although it remains significantly higher than the IPO price of $31.

This offering comes two months after the company’s successful listing on the New York Stock Exchange, where its shares rose dramatically due to strong investor interest in the growing stablecoin market.

Additionally, on Tuesday, Circle reported a significant loss of $428 million for the second quarter of the year.