SEC filings show Tarbert’s $30.8M in Circle stock sales followed preset plans, while ARK Invest kept buying CRCL.
Circle President Heath Tarbert has sold about $30.8 million worth of company stock since June 2025, according to filings with the U.S. Securities and Exchange Commission (SEC). Every reported transaction was executed under a prearranged Rule 10b5-1 trading plan rather than in a discretionary manner. While the sales attracted attention, the filings also show that Tarbert still holds a sizeable equity stake, largely tied to restricted stock units (RSUs). At the same time, institutional investor ARK Invest has continued buying Circle shares during the stock’s recent decline.
Recent Interview Reveals Tarbert’s Long-Term Outlook
SEC Form 4 filings show Tarbert completed 10 stock transactions between Circle’s June 2025 public listing and June 2026. Combined, those sales were worth roughly $30.77 million. His largest transaction came on March 2, when he sold 122,007 shares at an average price of $94.23. That sale alone generated about $11.5 million. Other reported trades included 43,694 shares sold at $117.80 in March and 31,925 shares sold at $127.08 in August 2025.
Tarbert’s earliest disclosed transaction occurred on June 6, 2025, shortly after Circle’s initial public offering. He sold 80,000 shares at $29.30. His latest reported sale involved 39,240 shares at an average price of $81.47 on June 10, 2026. Filings show those transactions included both open-market sales and option exercises. Footnotes attached to each filing state every sale was executed under a Rule 10b5-1 trading plan.
Rule 10b5-1 plans allow company executives to schedule stock sales in advance. Once adopted, trades occur automatically according to preset conditions. That structure reduces concerns that executives are trading based on material nonpublic information.
Viewed through that lens, the timing of Tarbert’s sales carries little indication of his personal view on Circle’s future. Prices listed across the filings declined from $127.08 in August 2025 to $117.80 and $94.23 in March before reaching $81.47 in June. Those changes largely followed the stock’s market performance instead of reflecting new trading decisions.
Tarbert has continued expressing confidence in Circle’s long-term strategy despite the stock’s decline. During an interview with FOX Business, he addressed the fall in Circle’s share price from around $260 to about $62. He said management remains focused on building financial infrastructure for the internet, adding that “the stock will take care of itself” if the company succeeds.
Circle Insider Sales Extend Beyond Tarbert
Recent filings also provide additional context about Tarbert’s remaining ownership. Following his June transaction, he directly held 502,558 shares. Only 55,418 of those shares were owned outright, while 447,140 consisted of restricted stock units scheduled to vest over time. As a result, changes in his reported holdings largely reflect RSU vesting rather than new share purchases.
Tarbert was not the only Circle executive selling shares under a preset plan. Chief Product and Technology Officer Nikhil Chandhok exercised options covering 10,000 shares at $25.81 before selling the same amount at $111 in May under his own Rule 10b5-1 arrangement.
Separate filings also disclosed sales of 3,032 shares at a weighted average price of $63.76 through an irrevocable non-grantor trust benefiting Tarbert’s child. Filing notes state he disclaims beneficial ownership of those shares.
While insiders continued scheduled sales, ARK Invest moved in the opposite direction. On July 14, the investment firm purchased 220,012 Circle shares across three actively managed exchange-traded funds. Those purchases were valued at about $13.9 million based on that session’s closing price of $63.22.
Open USD Emerges as Circle’s Latest Competitive Challenge
ARK’s buying came as Wall Street sentiment weakened. Mizuho downgraded Circle to Underperform on the same day, while Baird lowered its price target to $100 from $138. Circle shares have fallen more than 40% over the past month and about 68% over the past year.
Competition has also weighed on investor sentiment following the launch of Open USD, a rival stablecoin backed by more than 140 companies, including Visa, Mastercard, and BlackRock. Circle’s removal from five Russell growth indexes in June added further pressure.
Despite those headwinds, Circle secured final approval from the Office of the Comptroller of the Currency on July 10 to establish a national trust bank. Shares briefly rose after the announcement before giving back those gains. Taken together, the filings point to routine insider sales under prearranged trading plans rather than discretionary selling. Tarbert still holds substantial equity through unvested RSUs, leaving much of his future compensation tied to Circle’s long-term share performance.