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Splitgate 2 developer 1047 Games lays off "small group of valued staff"
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Splitgate 2 developer 1047 Games lays off “small group of valued staff”

by admin June 21, 2025


Splitgate 2 developer 1047 Games has laid off a “small group of valued staff”.

In a statement posted to LinkedIn, the studio said that while it continues to “perfect” Splitgate 2, it was “redirecting resources to build the best game for our players”. It did not clarify just how many developers were impacted, but co-founders Ian Proulx and Nicholas Bagamian will reportedly not be drawing salaries as the team “locks in to deliver the next phase of the project”.

Let’s Play Splitgate 2 Gameplay – SPLITGATE 2 DEBUT DAY ALPHA GAMEPLAY!Watch on YouTube

“Today we parted ways with a small group of valued 1047 Games team members. We’re still perfecting the Splitgate 2 gameplay experience in response to community feedback, and we are redirecting resources to build the best game for our players,” the statement said (thanks, XboxEra).

“We are sad to see our teammates go, and we are actively working to help them secure new opportunities. Further, our co-founders Ian Proulx and Nicholas Bagamian have opted not to take salaries as we lock in to deliver the next phase of the project. Thank you to those who’ve built alongside us — we are sad to say goodbye and would not be here without you.

“To everyone who’s playing Splitgate 2, we’re continuing to work hard to deliver more things we know you’ll love. We are committed to building this game for the long haul.”

It’s been a tumultuous time for 1047. Last week, Proulx apologised for causing “division in the community” following his controversial Summer Game Fest appearance, in which he wore a MAGA-style “Make FPS Great Again” hat while onstage just days after the studio apologised for a $145 cosmetic, slashing the cost to $40 and refunding the difference for those that had already purchased it.



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June 21, 2025 0 comments
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Stablecoin Giant Circle Raises $1.1B in IPO, Valued at $6.9B Ahead of NYSE Debut

by admin June 4, 2025



In brief

  • Circle and its shareholders sold 34 million shares, raising $1.1 billion in an upsized offering.
  • The deal values the firm at $6.9 billion on an outstanding share basis, and $8.1 billion fully diluted.
  • The listing comes as U.S. lawmakers advance stablecoin regulation.

Circle has priced its initial public offering at $31 per share, raising approximately $1.1 billion in an upsized deal that exceeded both initial size and guidance. 

The offering values the stablecoin issuer at $6.9 billion based on outstanding shares, with a fully diluted valuation of $8.1 billion including options and warrants.

The company and selling shareholders sold a total of 34 million shares, up from 32 million as of Monday. Circle initially aimed to sell 24 million shares at $24 to $26. 

A surge in demand pushed the range up to $27–$28 earlier this week, before pricing topped it late on Wednesday.

Shares will begin trading on Thursday on the New York Stock Exchange under the ticker CRCL.

USDC, Circle’s flagship product, currently accounts for about 24.5% of the stablecoin market with $61.5 billion in circulation, according to CoinGecko data.

BlackRock, which manages the $53.3 billion reserve fund backing USDC, is expected to acquire 10% of IPO shares, according to sources cited by Bloomberg. 

ARK Invest also expressed interest in purchasing up to $150 million worth of shares.



Circle reported $156 million in net income on $1.68 billion in revenue for 2024, a decline from $268 million in net income the prior year, according to its April S-1 filing.

The listing comes as Congress advances legislation to regulate stablecoins, with final passage expected sometime in August. 

Circle, which received a New York BitLicense in 2015, is widely seen as one of the most compliance-forward players in the space.

This story is developing and will be updated once trading begins.

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June 4, 2025 0 comments
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