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.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://cryptoslate.com/coinbase-insiders-sold-7-4m-stocks-in-the-last-30-days/
- :is
- $3
- 000
- 12 months
- 2%
- 2021
- 2022
- 8
- 9
- According
- Accounting
- After
- and
- Announcement
- Ark
- ark invest
- Armstrong
- around
- At
- between
- Billion
- blockchain
- Blockchain security
- board
- board member
- bought
- Brazil
- Brian
- brian armstrong
- by
- ceo
- ChatGPT
- chief
- chief executive officer
- Co-founder
- Coin
- coinbase
- Coinbase Stock
- Coinbase’s
- Coindesk
- company
- Company’s
- Consensus
- context
- crypto
- crypto exchange
- Crypto Market
- Crypto Winter
- cryptocurrency
- Cryptocurrency Exchange
- CryptoSlate
- Current
- data
- day
- Days
- Development
- down
- during
- Early
- exchange
- executive
- Executive Officer
- executives
- expansion
- Firm
- First
- first time
- following
- For
- from
- fund
- funds
- gif
- going
- Have
- Holdings
- HOURS
- HTTPS
- Hub
- in
- Including
- Invest
- Investors
- IT
- ITS
- Jennifer
- Last
- Legal
- like
- made
- March
- Market
- max-width
- member
- metric
- million
- months
- more
- nearly
- negatively
- occurred
- october
- of
- Officer
- on
- ONE
- Other
- past
- Paul
- People
- period
- PHP
- plato
- Plato Data Intelligence
- PlatoData
- price
- process
- public
- purchase
- recovering
- research
- research and development
- Revealed
- roughly
- s
- Said
- sales
- scientific
- security
- sell
- Shares
- sold
- some
- Sponsored
- stake
- Startups
- Still
- stock
- Stocks
- that
- The
- their
- These
- this year
- Through
- time
- to
- today
- tool
- traded
- trades
- TradingView
- value
- Winter
- with
- worth
- would
- year
- zephyrnet