Why Did Circle’s Biggest Investors Walk Away From $1.2 Billion in Hidden Profits?

I sat at my desk in Brooklyn last week, watching Circle’s stock climb past $213—not with excitement, but with quiet unease.

The Silent Exodus

IDG sold \(68M but still holds \)4.4B. Accel cut its stake by 25%. ARK dumped $350M yet keeps CRCL as a core ETF holding. These aren’t exits—they’re recalibrations. Every减持 feels like a stanza written in Python: clean, cold, deliberate.

The CEO Who Didn’t Sell—But Transformed

Jeremy Allaire didn’t sell shares. He converted A-shares to B-shares—same value, double voting power. A legal ghost shift. His trust? A vault disguised as equity. He didn’t flee the bull—he restructured the cage.

The Math Behind the Silence

Nikhil Chandhok sold \(22M and kept \)130M+ in position. FMR held steady—no sale. CFO Jeremy Fox-Geen? Sold half a million—but still owns 127k options expiring in 2033. This isn’t chaos. It’s an algorithm tuned for survival.

We All Left Something Behind

The numbers don’t lie: over $1.2B in unrealized gain sits untouched on-chain—like poetry unread. We call it profit. They call it strategy. I call it grief dressed in spreadsheets. When code stops being honest, you lose your navigation—not because you sold, because you stopped believing the price was ever real.