Circle will complete pricing on Wednesday evening and begin trading the next day. According to the prospectus, the shares sold by Circle's existing shareholders account for 60% of the total issuance, far higher than typical tech IPOs. In the IPO of technology companies, it is still rare for the issuance of shares from existing shareholders to exceed the company's issuance. The last time this happened was in 2012 when Facebook went public (57% of the shares issued were sold by the original shareholders). The large-scale sale of shares by existing shareholders during the IPO stage is worth pondering 🤔