Circle President Defends Stock Plunge From $260 to $62 but Sold $31M in CRCL Shares
Circle President Heath Tarbert publicly defended the stablecoin issuer's long-term prospects after its stock (CRCL) plummeted from approximately $260 to $62. However, SEC filings reveal Tarbert sold nearly $31 million worth of CRCL shares across 10 transactions since the company's market debut in June 2025. The stock decline follows a downgrade by Mizuho to Underperform, with a price target cut from $85 to $50, citing concerns over margin compression from competition. Tarbert emphasized USDC's network effects, noting its $73 billion circulation across 34 blockchains, and downplayed the threat from the new OpenUSD consortium backed by over 140 companies including Visa and Coinbase. Despite the sales, Tarbert retains about 503,000 shares, maintaining significant exposure to Circle's performance.
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