Circle Internet Group, Inc. (NYSE: CRCL) ended Tuesday, December 23, 2025, sharply lower, then traded only modestly in the after-hours session—setting up a high-sensitivity, low-liquidity Wednesday as U.S. markets head into a Christmas Eve early close.
CRCL after-hours update: where Circle stock stands after the bell (Dec. 23, 2025)
Circle shares closed at $82.73, down $4.27 (-4.91%) in the regular session. In after-hours trading, the stock was around $82.57 (down ~0.20%) as of early evening, following the steep daytime decline. [1]
That move came on a day when the broader market backdrop looked stronger: U.S. stocks rose and the S&P 500 marked another record close, with holiday-thinned trading conditions already starting to show. [2]
What happened during Tuesday’s session: range, volume, and context
CRCL’s trading on Dec. 23 was volatile. The stock traded roughly between an intraday low near $81 and a high in the mid-$85s, before fading into the close. [3]
Volume was active but not extreme compared with Circle’s recent norms, and the timing matters: the week of Christmas often brings thinner liquidity, which can exaggerate intraday swings and make price moves feel “headline-driven.” Reuters also highlighted that market volumes were light and likely to thin further into the holiday, with exchanges closing early on Wednesday. [4]
The biggest “today” headlines: insider-selling disclosures hit the tape
A key set of developments on Dec. 23 was not a new product launch or earnings update—it was a cluster of Form 4 insider transaction disclosures tied to trades executed the day before (Dec. 22) and reported Tuesday.
President Heath Tarbert: sale disclosed (Form 4 filed Dec. 23)
Circle President Heath Tarbert disclosed a sale of 3,048 shares at a weighted average price of $90.02, and the filing indicates the transaction was made under a Rule 10b5-1 trading plan. [5]
Chief Product & Tech Officer Nikhil Chandhok: option exercise + sale
Circle’s Chief Product & Tech Officer Nikhil Chandhok disclosed:
- an exercise of 10,000 shares at $25.81, and
- a sale of 10,000 shares at $90.00,
also flagged as made pursuant to a 10b5-1 trading plan. [6]
CEO Jeremy Allaire: sale disclosed
Circle’s CEO Jeremy Allaire disclosed a sale of 7,055 shares at a weighted average price around $90.07 (with additional related trust transactions described in the filing). [7]
Why these filings matter for CRCL sentiment—especially on holiday weeks
Insider sales can spook momentum-heavy stocks, particularly when:
- the stock has been volatile,
- valuation is debated, and
- liquidity is thinning (so marginal sell pressure can move price).
At the same time, it’s important context that 10b5-1 plans are designed to pre-schedule trades, which can reduce (not eliminate) the “signal” investors typically infer from insider selling. The Form 4 filings above explicitly reference 10b5-1 plans for at least Tarbert and Chandhok. [8]
Valuation debate is still front and center
Beyond insider headlines, valuation remains a dominant theme in the day-to-day narrative around Circle. On the “bear case” side, a Barron’s item circulating this week flagged Circle among stocks that “look overvalued” heading into 2026, citing very rich multiples versus forward earnings expectations and highlighting how far the stock has fallen from prior highs. [9]
Separately, a report carried by AOL said Circle shares fell as much as 8% Tuesday after a Compass Point downgrade to Sell, arguing the stock may be overvalued. [10]
Taken together, Tuesday’s tape action fits a familiar pattern for CRCL in late 2025: the stock is increasingly trading like a macro + sentiment + positioning name, not purely on incremental company news.
The bull case catalysts investors are still watching
Even with Tuesday’s drop, Circle remains tied to several large, structural themes—especially stablecoin adoption and financial infrastructure modernization. Recent developments that continue to shape investor expectations include:
USDC growth: Circle says USDC market cap reached $77B as of Dec. 23
In its 2025 year-in-review commentary, Circle said USDC’s market cap rose to $77 billion as of December 23, 2025, up from $44 billion at the start of the year. [11]
Intuit partnership: integrating USDC capabilities across major consumer/SMB products
On Dec. 18, Intuit announced a partnership framework with Circle aimed at enabling USDC-powered capabilities across products including TurboTax, QuickBooks, and Credit Karma, positioning stablecoins as a faster, lower-cost money movement layer. [12]
OCC conditional approval: national trust charter milestone
Circle also announced it received conditional approval from the OCC related to establishing a national trust bank—a potentially meaningful regulatory and infrastructure step for a stablecoin issuer operating at scale. [13]
Visa stablecoin settlement: expanding “real-world” rails
Visa announced stablecoin settlement expansion in the U.S., and Circle executives have positioned USDC’s integration into institutional settlement flows as a key direction of travel for internet-native money movement. [14]
These are not “today-only” headlines, but they are the kind of catalysts that can quickly return to the forefront if the stock stabilizes and risk appetite improves.
Forecasts and expectations: what analysts and options imply right now
Street price targets: wide dispersion
Consensus targets remain all over the map, reflecting uncertainty about how durable Circle’s growth and profitability profile will be across interest-rate cycles and evolving regulation.
One widely-cited consensus snapshot shows:
- average 12-month price target ~ $141
- high estimate $280
- low estimate $60
- mix of Buy/Hold/Sell recommendations [15]
That spread is a reminder that CRCL is still being valued more like a category-defining platform bet than a mature financial stock.
Options market: implied range into this week’s expiration
Options pricing suggests traders are still braced for meaningful movement even after Tuesday’s selloff.
For options expiring Dec. 26, 2025, one expected-move estimate implies about ±$5.33 (≈6.19%), translating to an implied range of roughly $80.79 to $91.45. [16]
Options flow and volatility: notable positioning signals (Dec. 23)
A TheFly note flagged “mixed” options sentiment on Dec. 23 with calls leading puts, while also highlighting changes in implied volatility and skew that can indicate demand for downside protection. [17]
What to know before the market opens Wednesday, Dec. 24, 2025
Wednesday is not a normal session, and that matters as much as any single CRCL headline.
1) Christmas Eve session: markets close early
U.S. equities markets will be open but will close early at 1:00 p.m. ET on Wednesday, Dec. 24, 2025 (with normal trading resuming Friday, Dec. 26). This is confirmed on official exchange schedules. [18]
Why it matters for CRCL: early-close sessions can bring wider spreads, less depth, and sharper price air pockets—especially for stocks with active retail participation and options activity.
2) Liquidity risk is real—headline moves can look bigger than they are
Reuters noted volumes were already light on Tuesday and expected to thin further as the holiday approaches. [19]
For a volatile name like Circle, that raises the odds of:
- exaggerated premarket reactions,
- “stop-run” price action around recent lows/highs,
- less reliable signals from intraday prints.
3) Watch premarket scanning for follow-through on insider headlines
The Form 4 cluster is now public and widely syndicated. Whether that becomes a “one-day story” or a multi-day overhang depends on:
- if more insiders file similar forms,
- whether commentators frame trades as routine 10b5-1 activity or “smart money selling,” and
- how CRCL behaves around Tuesday’s low area (~$81). [20]
4) Macro print on deck: initial jobless claims (before the open)
Holiday week or not, Wednesday’s calendar includes initial jobless claims (week ended Dec. 20), scheduled before the open. [21]
Why it matters for Circle: Circle’s business model and valuation narrative are sensitive to interest-rate expectations (because stablecoin reserve income and discount rates both matter), so rate-sensitive macro surprises can still ripple into CRCL, even if the company has no news that day.
5) Keep the “big picture” thesis in view: stablecoin adoption vs. valuation compression
If you’re following CRCL into the open, the near-term tape is colliding with two longer arcs:
- Adoption tailwinds (USDC scale, partnerships like Intuit, institutional settlement efforts) [22]
- Valuation skepticism (downgrades and “overvalued” screens that can reassert themselves when momentum breaks) [23]
Bottom line heading into Dec. 24
Circle (CRCL) is ending Dec. 23 with a clear setup: sharp regular-session weakness, muted after-hours, and a headline-heavy narrative dominated by insider-sale disclosures and valuation debate—right before a holiday-shortened session that can amplify volatility.
If you watch one thing into the open, make it this: does the market treat Tuesday’s move as a one-off liquidity/positioning event, or as confirmation that valuation concerns are reasserting control?
This article is for informational purposes only and is not financial advice.
References
1. www.marketwatch.com, 2. www.reuters.com, 3. www.investing.com, 4. www.reuters.com, 5. www.sec.gov, 6. www.sec.gov, 7. www.sec.gov, 8. www.sec.gov, 9. www.barrons.com, 10. www.aol.com, 11. www.circle.com, 12. investors.intuit.com, 13. investor.circle.com, 14. usa.visa.com, 15. www.investing.com, 16. optioncharts.io, 17. www.tipranks.com, 18. www.nyse.com, 19. www.reuters.com, 20. www.investing.com, 21. www.investopedia.com, 22. www.circle.com, 23. www.aol.com
