Show
According to recent filings with the Securities and Exchange Commission, Circle President Heath Tarbert has sold approximately $30.77 million worth of company stock in ten separate transactions starting in June 2025. These sales were all made through a pre-arranged trading plan.
What the Filings Show
Share sales by Circle occurred between June 2025 and June 2026. The biggest sale involved 122,007 shares sold for around $11.5 million on March 2nd at an average of $94.23 per share. Other notable sales included 43,694 shares in March at $117.80 each, 31,925 shares in August 2025 at $127.08, and most recently, 39,240 shares on June 10th with an average price of $81.47.
The first reported sale occurred on June 6, 2025, right after Circle became a public company, involving 80,000 shares at $29.30 each. Subsequent sales included both direct stock sales and the exercising of stock options.
After the June sale, Tarbert owned a total of 502,558 shares directly. However, most of these weren’t immediately his – only 55,418 were fully owned. The rest, 447,140 shares, are part of restricted stock units that will become available to him over time. Changes in the number of shares he reports aren’t due to buying or selling, but rather as these restricted units vest.
Every Sale Was Pre-Scheduled
The key point isn’t reflected in the basic numbers. Documents filed with each sale reveal these transactions happened through pre-planned trading arrangements called Rule 10b5-1 plans, where details like timing and price were decided ahead of time.
These plans are designed so that company executives can buy or sell stock without appearing to be influenced by inside information or their own opinions about the company’s future. Once set up, these sales happen automatically, no matter what the stock price is doing at the time. Because of this, when an executive sells shares through a 10b5-1 plan, it shouldn’t be interpreted as a sign of how they feel about the company – and that’s precisely why these plans exist.
This difference is important because of the timing of the sales. The reported prices decreased from $127.08 in August 2025, down to $117.80 and $94.23 in March, and finally to $81.47 in June—a decline that follows the stock’s performance rather than a deliberate effort to sell quickly.
Tarbert has publicly stated his support for the company’s current direction. When FOX Business questioned him about Circle’s stock price dropping from approximately $260 to $62, he explained that Circle is concentrating on long-term goals and believes a successful internet financial infrastructure will ultimately boost the stock value.
He Is Not the Only Seller
Several other executives at Circle have made similar stock transactions. In May, Nikhil Chandhok, the Chief Product and Technology Officer, exercised options to buy 10,000 shares at $25.81 each and then sold them for $111.00 per share, following a pre-arranged 10b5-1 trading plan. Additionally, roughly two weeks ago, 3,032 shares were sold at an average price of $63.76 through an irrevocable trust benefiting Tarbert’s child, where Tarbert has no beneficial ownership.
As a crypto investor, I’ve been looking at these filings, and what’s striking is what *isn’t* there – no insiders are actually buying the dip. While it’s pretty common for company execs to get paid mostly in stock, so you don’t always see them buying on the open market, it’s still noticeable given the price has been falling. It makes you wonder why they aren’t stepping in to show confidence if they believe in the long-term value.
ARK Has Been Doing the Opposite
Despite some company insiders selling their shares as planned, ARK Invest made a significant purchase on July 14th, buying 220,012 shares of CRCL across three of its ETFs. This purchase, worth around $13.9 million based on the day’s closing price of $63.22, continues a pattern of ARK Invest buying the stock when its price drops throughout 2026.
This purchase happened on the same day that Mizuho lowered its rating of Circle, stating that investors had unrealistic expectations for how quickly the company would meet regulatory requirements. Additionally, Baird reduced its price target for Circle from $138 to $100.
The stock price has fallen sharply, losing over 40% of its value in the last month and about 68% in the past year. It’s currently trading near its lowest point for the year, between $49.90 and $262.97. This decline is mainly due to the introduction of OpenUSD, a competing stablecoin supported by major companies like Visa, Mastercard, and BlackRock. Additionally, Circle was removed from several key Russell growth indexes in June, adding to the downward pressure.
What It Adds Up To
In my research, the documents reveal two distinct approaches to trading. When insiders sell shares through pre-planned 10b5-1 programs, it’s generally a standard part of how they receive and manage equity compensation – especially for companies where executives have significant stock awards. However, ARK’s purchases appear to be based on a current assessment of whether the price reflects true value; it wasn’t a pre-determined plan, but an active decision.
This isn’t a forecast, but rather news about recent developments. Circle officially received approval on July 10th to create a national trust bank, which initially boosted its stock price before the increase stabilized. However, the challenge presented by Open USD still needs to be addressed.
While it looks significant that the president sold $30.8 million in stock, investors should note that most of their holdings are still in unvested shares. The actual value of those shares – and therefore the president’s overall position – won’t be known until those shares fully vest and can be traded.
2026-07-20 11:17