Circle President Sold $31M in CRCL Shares as Stock Plunged

Circle President Heath Tarbert has defended the stablecoin issuer’s long-term prospects after its share price plunged from approximately $260 to $62, even as regulatory filings show that he sold nearly $31 million of CRCL stock following the company’s June 2025 market debut.

Speaking to FOX Business, Tarbert said Circle remained focused on building financial infrastructure for the internet rather than responding to short-term share-price movements. If the company succeeds in that mission, he argued, “the stock will take care of itself.”

However, US Securities and Exchange Commission (SEC) Form 4 filings show that Tarbert completed 10 CRCL transactions involving sales since June 2025, generating approximately $30.77 million.

The transactions primarily involved share disposals and option exercises. Tarbert continues to hold roughly 503,000 shares, although the filings show no open-market purchases.

The disclosures come as Wall Street grows increasingly concerned about whether competition and more generous revenue-sharing agreements could weaken Circle’s margins, despite the continued expansion of USDC.

New Trending Crypto Wallet Offers

Tarbert Backs USDC’s Network Advantage

Tarbert said Circle was taking a long-term approach to both its public valuation and the increasingly competitive stablecoin market. He argued that USDC’s established network effects would be difficult for newer rivals to reproduce.

USDC has approximately $73 billion in circulation and is natively available across 34 blockchain networks. Tarbert described it as the largest regulated stablecoin and said it processes more actual transaction volume than its competitors, including market leader Tether.

Circle President responds to the stock plunging from $260 to $62

On July 14, 2026, during an interview with FOX Business, Circle President Heath Tarbert addressed concerns regarding the company's stock price dropping from $260 to $62. He stated that Circle is playing the long… pic.twitter.com/7z7fJHbLlJ

— Wu Blockchain (@WuBlockchain) July 19, 2026

His comments also addressed OpenUSD, a new initiative backed by more than 140 companies. The consortium reportedly includes major financial and technology groups such as Visa, Mastercard, Stripe, Google, Coinbase and BlackRock.

OpenUSD could nevertheless challenge Circle through its economic structure. The project plans to distribute most of its stablecoin reserve income to issuers and other ecosystem participants after collecting a comparatively small management fee.

That partner-focused model could pressure Circle to offer more favorable terms to exchanges, payment companies, and blockchain platforms that help distribute USDC.

$31M in Share Sales Draws Attention

Tarbert’s share transactions add another dimension to his public defense of Circle’s long-term outlook. SEC filings indicate that he sold CRCL stock on 10 occasions since June 2025, totaling $30.77 million.

Stock sales by executives do not necessarily indicate declining confidence. Executives frequently sell shares for diversification, tax planning or liquidity, while option exercises can create additional tax obligations.

Tarbert’s remaining stake of approximately 503,000 shares leaves him materially exposed to Circle’s future performance.

Still, the absence of disclosed open-market purchases and the scale of the disposals may attract investor attention, given CRCL’s collapse from its earlier high near $260 to approximately $62.

The transactions also arrive as analysts question whether Circle can translate rising stablecoin adoption into sustained profit growth. That distinction is becoming increasingly important because USDC can expand even while Circle retains a smaller proportion of the income generated by its reserves.

Mizuho Cuts Circle Target as Margin Risks Grow

Mizuho last week downgraded Circle from Neutral to Underperform and lowered its price target from $85 to $50. Analysts led by Dan Dolev identified OpenUSD’s revenue-sharing model as a potentially disruptive threat to Circle’s economics.

The bank raised its forecast for Circle’s 2027 distribution and transaction expense ratio from 64% to 73%. This reflects expectations that more reserve income will be passed to partners.

LATEST: 📊 Mizuho kept its neutral rating on Circle, saying its OCC bank approval doesn't fix slowing USDC growth, with the supply down $7B from its March peak. pic.twitter.com/oSj3R7jZ21

— CoinMarketCap (@CoinMarketCap) July 14, 2026

It also reduced its 2027 adjusted EBITDA estimate from $1.09 billion to $699 million. This is approximately 25% below Wall Street consensus.

Circle’s relationship with Coinbase represents a particularly important risk. Their USDC distribution agreement is expected to be renegotiated later this summer. Coinbase’s involvement with OpenUSD could strengthen its bargaining position.

JPMorgan has also lowered earnings forecasts for Circle and Coinbase following new revenue-sharing terms involving Hyperliquid. Under the reported arrangement, Coinbase will transfer 90% of the USDC reserve yield generated on the platform to Hyperliquid.

Circle continues expanding despite these concerns. It has received approval to establish Circle National Trust and partnered with Japanese card network JCB to test USDC-based treasury transfers.

Circle President Defends Stock Plunge From $260 to $62 but Sold $31M in CRCL Shares

Tarbert Backs USDC’s Network Advantage

$31M in Share Sales Draws Attention

Mizuho Cuts Circle Target as Margin Risks Grow

Related