Circle President Heath Tarbert has sold more than $30 million worth of Circle Internet Group (CRCL) stock since the company went public in June 2025. The sales come as CRCL shares have collapsed roughly 76% from their IPO price of about $260 to around $62 today.
The scale of the sales
According to filings, Tarbert sold shares in seven of the 13 months since the IPO. His largest single transaction came on March 2, 2026, when he offloaded 122,007 shares worth about $11.5 million. Eight of the ten sales were executed under a Rule 10b5-1 plan — a preset trading schedule adopted while the executive was not aware of any material nonpublic information. The other two sales occurred at share offerings: 80,000 shares around the June 2025 IPO and 31,925 shares in an August secondary offering.
Tarbert defended the sales in a recent Fox Business appearance, saying Circle is 'playing a long game' and that 'in the long run, the stock is going to take care of itself.' He did not address the timing of the sales relative to the stock's decline.
The analyst warning
Mizuho recently downgraded CRCL to Underperform, slashing its price target from $85 to $50 — roughly 21% below the current trading price. Analyst Dan Dolev identified Open USD as the main threat to Circle's stablecoin business. Open USD launched on June 30 with backing from more than 140 firms, including Visa and Mastercard.
Dolev's downgrade suggests that competition in the stablecoin market is heating up, and Circle's dominant position may be at risk. The analyst's price target implies further downside for a stock that has already lost three-quarters of its value since the IPO.
With the stock trading near all-time lows and a major analyst warning of headwinds, investors are watching for Circle's next move. The company has not announced any buyback or new product launch to counter the Open USD threat. Meanwhile, Tarbert's continued selling — even under a preset plan — raises questions about insider confidence. The next quarterly earnings report, expected in late August, will offer the first full look at how Open USD's launch has affected Circle's revenue.
