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Coinbase insiders — including its chief executive officer Brian Armstrong and other executives — have sold $7.4 million worth of the company’s stocks in the last 30 days, according to Dataroma data.
Coinbase CEO sold $5.8 million stocks
Brian Armstrong sold $5.8 million in COIN stocks during the period — almost 50% were sold in the last 24 hours. According to the data, Armstrong sold around 30,000 shares on March 21 for $2.24 million.
His other sales occurred on March 3 and 15, when he sold roughly 60,000 shares for $3.56 million. According to the data, Armstong sold his stocks when they traded between $51 and $76.
In October 2022, Armstrong pledged to sell 2% of his stake in the U.S.-based crypto exchange. He said the sales would fund scientific research and development through two startups NewLimit and Research Hub.
Meanwhile, other Coinbase executives — including its chief people officer Brock Lawrence, chief accounting officer Jones Jennifer, and chief legal officer Grewal Paul — cumulatively sold stocks worth $1.68 million.
Coinbase insiders have made over $5 billion from stock sales
Dataroma data showed that Coinbase insiders and early investors have cumulatively made $5.8 billion from their sales of the exchange’s stocks.
Per the data, $5 billion of these trades were made on Coinbase’s first day of going public. At the time, Armstrong sold 749,999 shares for $291.8 million and has not sold until after his October 2022 announcement.
Meanwhile, Coinbase insiders have only bought $86.9 million worth of the company stocks. The purchase was made by the exchange’s board member Tobias Lütke and its co-founder Fred Ehrsam.
Investment funds like Cathie Wood’s Ark Invest is one of the heavy traders of the company’s stock. For context, the company bought more than 350,000 shares for $22 million in early March. The firm sold some of its holdings — $13.5 million — for the first time in this year on March 21.
Coinbase stock price performance
After peaking at around $350 when the company went public in 2021, COIN’s value declined by more than 86% in 2022 following the crypto winter that negatively affected the market.
However, with the crypto market recovering in the current year, COIN’s value has risen by nearly 150% on the year-to-date metric but is still down 54% over the past 12 months, according to TradingView data.
Coinbase stock today is down 0.57% to $83.51. The cryptocurrency exchange announced its expansion to Brazil and also revealed that it tested OpenAI’s ChatGPT tool for its blockchain security process.
(Source: cryptoslate.com)
