Circle President Heath Tarbert has sold about $30.8 million worth of Circle shares through 10 transactions since June 2025, while continuing to hold more than 500,000 CRCL shares, according to SEC filings.
Summary
- SEC filings show Circle President Heath Tarbert has sold about $30.8 million worth of CRCL shares across 10 transactions since June 2025.
- Tarbert continues to hold roughly 503,000 Circle shares and has not disclosed any open market purchases.
- The latest filings come as Tarbert continues defending Circles long term strategy despite pressure on CRCL shares.
According to SEC Form 4 filings, Tarbert completed 10 insider transactions between June 2025 and July 2026, generating about $30.77 million through a combination of stock sales and option exercises. The filings show he still owns roughly 503,000 Circle shares and has not disclosed any open-market purchases during the period.
The latest filings come as Circles stock continues trading well below its post-IPO peak, following increased competition in the stablecoin market and changes to major stock indexes.
Earlier this month, Tarbert told FOX Business that Circle remains focused on building internet financial infrastructure instead of reacting to daily stock movements. Responding to a question about CRCL falling from around $260 to the low $60 range, he said the company is focused on long-term execution and that its stock would eventually follow if the business succeeds.
During the interview, Tarbert also defended Circle‘s competitive position in the stablecoin market. He pointed to USDC’s roughly $73 billion circulation and native availability across 34 blockchains, arguing those network effects would be difficult for new entrants to reproduce. Circle describes USDC as a regulated digital dollar used for payments, trading and settlement.
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Stablecoin competition weighs on Circle
Recent weeks have brought new pressure for Circle after Open Standard introduced Open USD, a planned stablecoin backed by more than 140 companies, including Visa, Mastercard, Stripe, BlackRock, BNY, and Coinbase.
As previously reported by crypto.news, Circle shares dropped 17.5% to $62.63 after Open USD entered the market and CRCL was removed from several Russell Growth indexes. The decline added to investor concerns about whether new revenue-sharing models could challenge Circles stablecoin business.
Wall Street analysts have also raised questions about Circle‘s earnings outlook. Mizuho lowered its price target on the stock to $50, saying Open USD’s revenue-sharing structure could pressure Circles margins and increase distribution costs.
Separately, JPMorgan also reduced earnings forecasts for Circle and Coinbase after a revised USDC revenue-sharing arrangement tied to Hyperliquid balances, saying stronger adoption could result in lower reserve income retained by the companies.
Even as competitive pressure has increased, Circle has continued expanding its regulated infrastructure. The company received final approval from the Office of the Comptroller of the Currency on July 10 to establish Circle National Trust, a federally supervised trust bank that will initially provide digital asset custody, with USDC reserve management planned as a future service.