Leonteq Securities AG slashed its position in Circle Internet Group by 53% during the first quarter, according to a 13F filing with the Securities and Exchange Commission. The Swiss firm sold 46,208 shares, paring its stake to 40,955 shares by the end of the period.
The move is notable chiefly for its scale. Leonteq held Circle stock long enough to file the position with the SEC, then divested a majority stake in a single quarter. The filing itself names no reason for the sale and offers no window into Leonteq's reasoning.
Circle, best known for issuing USDC, the second-largest dollar-backed stablecoin by market cap, trades on the New York Stock Exchange and faces ongoing regulatory pressure. The company operates money transmitter licenses in multiple states and contends with shifting rules on stablecoin reserves, disclosure, and oversight. That regulatory terrain has proven volatile and costly for stablecoin issuers.
A single institutional seller does not signal a sector retreat. Leonteq's decision to unwind most of its Circle position tells us only that one manager no longer saw sufficient value or risk tolerance to hold the stake. Without disclosure of the firm's rationale, the filing amounts to a bare fact: shares changed hands, and Leonteq owned fewer afterward.