Tarbert Heath 4
4 · Circle Internet Group, Inc. · Filed Mar 11, 2026
Research Summary
AI-generated summary of this filing
Circle (CRCL) President Tarbert Heath Exercises Options, Sells Shares
What Happened
Tarbert Heath, President of Circle Internet Group (CRCL), exercised 43,694 stock option shares on March 10, 2026 at an exercise price of $25.09 per share (cost = $1,096,282) and sold the same 43,694 shares in multiple open-market transactions that day for approximately $5,146,956 in gross proceeds. The filing shows the exercise (transaction code M) and multiple sale entries (transaction code S), indicating a cashless exercise where the shares acquired were immediately sold. This is a routine insider sale rather than a purchase.
Key Details
- Transaction date: March 10, 2026; Form 4 filed March 11, 2026 (timely).
- Exercise: 43,694 shares at $25.09 each — total cost $1,096,282 (code M).
- Sales: 43,694 shares sold across multiple trades, total gross proceeds ≈ $5,146,956 (codes S). Per-footnotes, sale price ranges across tranches were roughly $115.00 to $121.61 (weighted averages listed by tranche).
- Plan/authorization: The reported sales were made pursuant to a 10b5-1 trading plan (footnote F1).
- Vesting/award note: Options subject to a typical vesting schedule (1/4 after one year, then monthly over 36 months) per footnote F10.
- Holdings reported (per filing footnote F9): 92,102 Class A shares held outright and 507,054 Class A shares issuable upon RSU vesting.
- Filing appears timely (no late-filing flag reported).
Context
When an insider exercises options and immediately sells the resulting shares (a cashless exercise), it often reflects routine option-exercise and liquidity actions rather than a directional bet on the company. Sales made under a 10b5-1 plan are pre-arranged trading instructions, which further indicates the trades were planned in advance. For retail investors, purchases by insiders may be more informative of confidence than routine exercise-and-sell transactions like this one.
Insider Transaction Report
- Exercise/Conversion
Class A Common Stock
2026-03-10$25.09/sh+43,694$1,096,282→ 642,850 total - Sale
Class A Common Stock
[F1][F2]2026-03-10$115.12/sh−11,240$1,293,949→ 631,610 total - Sale
Class A Common Stock
[F1][F3]2026-03-10$116.82/sh−2,257$263,663→ 629,353 total - Sale
Class A Common Stock
[F1][F4]2026-03-10$117.54/sh−9,342$1,098,059→ 620,011 total - Sale
Class A Common Stock
[F1][F5]2026-03-10$118.56/sh−8,715$1,033,250→ 611,296 total - Sale
Class A Common Stock
[F1][F6]2026-03-10$119.57/sh−7,002$837,229→ 604,294 total - Sale
Class A Common Stock
[F1][F7]2026-03-10$120.74/sh−4,538$547,918→ 599,756 total - Sale
Class A Common Stock
[F1][F8][F9]2026-03-10$121.48/sh−600$72,888→ 599,156 total - Exercise/Conversion
Stock Option (Right to Buy)
[F10]2026-03-10−43,694→ 807,211 totalExercise: $25.09Exp: 2033-09-02→ Class A Common Stock (43,694 underlying)
Footnotes (10)
- [F1]The reported sale was made pursuant to a 10b5-1 trading plan.
- [F10]1/4 of the shares of Class A Common stock subject to the option award vested upon the one-year anniversary following the vesting commencement date and the remaining portion vest in 36 successive equal monthly installments thereafter, in each case, subject to the Reporting Person's continued service relationship with Circle Internet Group, Inc. through each applicable vesting date.
- [F2]These shares were sold in multiple transactions at prices ranging from $115.00 to $115.96, inclusive. The weighted average sale price was $115.12. The Reporting Person undertakes to provide to the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F3]These shares were sold in multiple transactions at prices ranging from $116.08 to $117.05, inclusive. The weighted average sale price was $116.82. The Reporting Person undertakes to provide to the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F4]These shares were sold in multiple transactions at prices ranging from $117.10 to $118.10, inclusive. The weighted average sale price was $117.54. The Reporting Person undertakes to provide to the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F5]These shares were sold in multiple transactions at prices ranging from $118.11 to $119.07, inclusive. The weighted average sale price was $118.56. The Reporting Person undertakes to provide to the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F6]These shares were sold in multiple transactions at prices ranging from $119.13 to $120.02, inclusive. The weighted average sale price was $119.57. The Reporting Person undertakes to provide to the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F7]These shares were sold in multiple transactions at prices ranging from $120.16 to $121.13, inclusive. The weighted average sale price was $120.74. The Reporting Person undertakes to provide to the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F8]These shares were sold in multiple transactions at prices ranging from $121.34 to $121.61, inclusive. The weighted average sale price was $121.48. The Reporting Person undertakes to provide to the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F9]Represents 92,102 shares of Class A common stock held outright by the Reporting Person and 507,054 shares of Class A common stock issuable upon the vesting of restricted stock units.