Power Dynamics: Circle’s Voting Structure and High-Profile Backers
Circle’s IPO also comes with a multi-class share structure. Public investors will receive common stock with one vote per share, while insiders—including CEO Jeremy Allaire and co-founder Patrick Sean Neville—retain Class B shares worth five votes each. Allaire alone will command 23% of the voting power post-IPO.
Among the high-powered institutions betting big is Ark Investment Management, the Cathie Wood-led fund known for its crypto bullishness. Ark signaled plans to scoop up $150 million in Circle shares, according to SEC filings.
Wall Street Law Firms Power the Launch
Legal heavyweights lined up for the offering:
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Davis Polk & Wardwell LLP advised Circle, with partners Richard Truesdell Jr. and Daniel Gibbons leading the charge.
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Skadden Arps Slate Meagher & Flom LLP counseled the underwriters, with partners Ryan Dzierniejko, Dwight Yoo, and Jeffrey Brill at the helm.
J.P. Morgan and Citigroup served as lead underwriters. They also hold a 30-day option to purchase an additional 5.1 million shares, which could lift the IPO’s total haul to a staggering $1.2 billion.
