IDG’s $68M Exit: Why Circle’s Biggest External Backer Missed $430M in Gains

The Quiet Exit That Shook the Crypto World

When Circle went public in June, the market didn’t just celebrate a milestone—it ignited a silent auction of equity wisdom.

I watched from my Manhattan apartment, sipping tea as the ticker climbed past 213.60. The air smelled like ambition and data streams.

But behind the numbers? A story about who stayed—and who left.

IDG Capital: The Late Bloomer Who Held On

IDG Capital led early bets on Tencent, Coinbase, and now Circle—its 12.8% stake made it the largest non-founder shareholder.

On June 6th, they sold 232.8K shares at \(29.30—a tidy \)68M haul.

But here’s where it gets poetic: At today’s price, that same block would be worth over $430 million more.

They took profit—but kept control. Still holding 20.9M shares—worth $44.7B today.

Did they miss out? Or did they play chess while others played checkers?

Investors Who Left Too Soon: The Cost of Certainty

General Catalyst sold ~355K shares for \(104M—but lost over **\)650M** in unrealized gains. Accel trimmed holdings from 6.9% to 5.3%, locking in less than half their potential upside. Breyer Capital and Oak Investment Partners each exited small chunks—smart moves or missed opportunities?

All seem to follow one pattern: secure returns before volatility hits. But in crypto? Volatility is growth.

Executives Selling: Power vs Profit?

Jeremy Allaire—the visionary CEO—converted 18.59M A-shares into B-shares (same economics, higher voting power). Then he sold over 158K B-shares for $46M. He didn’t lose control—he restructured it. The man who built Circle was already thinking beyond exit strategies; he was building legacy structures with trust funds and options stretching to 2033. It’s not greed—it’s design.

CFO Jeremy Fox-Geen offloaded shares for ~\(585K—and still holds options on over **127K shares** at just \)10 per share. The math says he’ll gain hundreds of millions if CRCL hits even half its potential by decade end. The sell? Just liquidity—not surrendering belief.

CPO Nikhil Chandhok walked away with $22M, but his remaining stake is worth nearly $130 million at current prices—an emotional trade masked as financial prudence?