Allaire Jeremy, Chairman and CEO of Circulate (CRCL), has filed 111 Form 4 transactions, all in a single company, with a total sell value of $71.4 million and zero buys. The recent activity is heavily weighted to open-market sales, with 20 sales in the last two months of the reporting period. On October 5, 2026, he executed 12 separate sales, ranging from roughly $3,000 to $2.77 million, with the largest single transaction at $2,770,922. The day's total approached $5 million. Earlier sales on September 8, 2026, were smaller, with eight transactions ranging from $3,511 to $58,706.
The pattern is one of consistent distribution. There are no open-market purchases in the recent window, and the only other activity is mechanical: option exercises (coded M) with a value of zero on October 1, 2026, paired with a tax withholding transaction (coded F) valued at $690,556.68. That tax-related disposition is automatic and does not reflect a discretionary sale. The selling bias is clear, with all discretionary activity in the form of open-market sales, and the dollar values have increased sharply from early September to early October.
The concentration in a single ticker, CRCL, and the absence of any buy-side activity in the recent data point to a consistent reduction of equity exposure by the top executive. The October 5 cluster alone accounts for roughly $4.9 million of the $71.4 million total, and the September 8 cluster adds another $190,000. The data shows a steady, deliberate sell-down, with no offsetting accumulation.
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