73 sell transactions, 0 buy transactions – this is Circle management’s “long-termism”?

作者：阿祖瑪（@azuma_eth)

“Circle is playing the long game… If we can fulfill our mission of building a full-stack internet platform infrastructure, the stock is going to take care of itself in the long run.”

On July 14, Circle President Heath Tarbert appeared live on FOX Business. When asked by the host, “CRCL has fallen from a high of $260 to $62, what do you want to say to investors who are stuck?” Tarbert gave the above response.

Shouting “long-term value” is a typical response from any company experiencing a stock slump, but to gauge the credibility of this answer, you shouldn’t just look at how management describes the future; you should look at whether they are willing to continue betting their own capital on it.

After all, management is often the group most familiar with the company’s situation. They possess the operational data, strategic plans, and future growth pathways. If they truly believe the current stock price is undervalued, a significant price correction should theoretically present a rare buying opportunity.

But for Circle, management’s actions may be telling a different story.

73 Sales, 0 Purchases: Is This the So-Called Long-Term Value?

Shortly after Tarbert hoisted the “long-term” banner, CRCL investors reviewed Circle’s Form 4 filings submitted to the U.S. Securities and 交換 Commission (SEC) and discovered a rather telling fact: This Circle president, who had just conveyed long-term confidence to the market, has been consistently selling company stock since CRCL went public.

• Odaily note: Form 4 is a securities transaction filing that insiders of U.S. listed companies must submit to the SEC, disclosing stock trades by directors, executives, and shareholders holding more than 10% of shares. Unlike ordinary investors who only see public market price changes, Form 4 offers a crucial window to observe how insiders view the company’s value.

Circle’s Form 4 filings show that since his first sale of CRCL in June 2025, Tarbert has sold CRCL a total of 10 times, cashing out approximately $30.77 million, with no purchases to increase his position.

If it were only Tarbert consistently selling shares, it might be overlooked. However, a further review of all insider trading records at Circle reveals a more concerning picture: From the founder and CEO, to the CFO, CPTO, CAO, and board members… multiple key insiders at Circle are all selling shares. Total sales amount to 73 transactions, with zero purchases, cashing out approximately $664 million altogether.

Here’s a brief snapshot of these core insiders’ stock sale data:

• Founder and CEO Jeremy Allaire: 9 sales, 0 purchases, cashing out $139 million;
• Board member Burns M Michele: 12 sales, 0 purchases, cashing out $276 million;
• Board member Neville Patrick Sean: 13 sales, 0 purchases, cashing out $181 million;
• CFO Fox-Geen Jeremy: 9 sales, 0 purchases, cashing out $22.45 million;
• CPTO Chandhok Nikhil: 12 sales, 0 purchases, cashing out $69.21 million;
• CAO Schulz Tamara: 9 sales, 0 purchases, cashing out $1.21 million;
• President Heath Tarbert: 10 sales, 0 purchases, cashing out $30.77 million…

Clearly, when CRCL’s stock price has fallen over 70% from its peak and the market is reassessing Circle’s long-term value, the very people closest to the business chose not to express confidence in future growth by adding to their positions.

Executive Selling Is Common, But the Trade Structure Is Overwhelmingly One-Sided

It’s important to note that insider stock sales should not be simply equated with a bearish view of the company’s future.

For the management of listed companies, stock selling is not unusual. Especially after an IPO, founders, executives, and early investors often hold large equity stakes. Selling part of their shares for wealth diversification, tax planning, or personal asset allocation is standard practice.

Therefore, seeing one or even multiple executives sell shares is not sufficient proof they lack confidence in the company’s future. The real crux of the issue is: After a significant price correction, are any of them willing to buy back?

This is precisely where the controversy lies for Circle.

CRCL surged above $260 shortly after its listing, subsequently declined steadily, and is now down over 70% from its peak. Although there was a brief rebound recently, it didn’t last long before falling again. According to traditional investment logic, if management truly believed the company’s long-term value remained unchanged, or even that the market had undervalued Circle’s future, the sharp price correction should have presented a highly attractive buying opportunity.

After all, these insiders inherently possess an absolute information advantage over ordinary investors. They know USDC’s growth figures, customer acquisition progress, future product roadmaps, and the company’s real competitive position in the stablecoin landscape… Yet, according to publicly disclosed Form 4 data, Circle’s core management hasn’t made any purchases during the low stock price period. Instead, they have been consistently selling and cashing out.

This highly “one-sided” trade structure makes it difficult to convey the long-term confidence to the market that matches the “playing the long game” rhetoric from the interview.

Re-evaluating CRCL’s Value: Can the Long-Term Narrative Match the Current Valuation?

Of course, even though insiders are continuously selling shares, it doesn’t entirely equate to “Circle lacks long-term value.” However, it certainly reinforces the market’s pessimistic expectations for the company.

Especially against the backdrop of CRCL’s persistently declining stock price, there is a significant divergence in market perception of Circle: Is Circle truly a future financial infrastructure company, or merely an issuer reliant on stablecoin scale and interest rate environments?

During the early IPO phase, the high valuation the market assigned to Circle bet on a grander narrative — that as stablecoins become a global digital payment infrastructure, Circle could become a vital gateway connecting traditional finance with the 加密貨幣 世界。

However, as the stock price has fallen from its peak, investors have begun re-examining this logic. On one hand, Circle’s current revenue is still highly dependent on income from USDC reserve assets. Whether profitability can maintain high growth during a rate-cutting cycle has become a market concern. On the other hand, USDC’s growth potential during a crypto market downturn remains uncertain. Furthermore, as more financial institutions and crypto enterprises enter the stablecoin space, Circle’s once-dominant compliance advantage is also being reassessed.

Therefore, CRCL’s current slump essentially reflects the market re-evaluating its value: Can the growth of the stablecoin industry, along with Circle’s own business performance, truly support the high-growth valuation once assigned to CRCL?

Going forward, Circle will need to answer this question with concrete operational results.

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