Coinbase’s early investors sold about $ 5 billion worth of shares in total. This, during the first day of trading of the main cryptocurrency exchange on the Nasdaq earlier this week, according to a series of filings made on Friday with the United States Securities and Exchange Commission.
Coinbase is the largest digital currency trading platform in the United States, and one of the great hopes of the sector. The shares are listed on the Nasdaq exchange at a reference price of $ 340 per share.
Data from Capital Market Laboratories, confirmed by files on Coinbase’s investor relations website, shows a total of 12,965,079 shares sold by company insiders. For a value of more than USD 4.6 billion at a price of USD 354.38 per share as of Friday’s close.
Coinbase CEO retains at least 300,000 thousand shares
Among the most noteworthy deals is Coinbase CFO Alesia Haas, who sold her 255,500 shares at a price of $ 388.73. Meanwhile, Coinbase CEO Brian Armstrong sold 749,999 shares in three transactions at various prices, for a total of $ 291,827,966. Armstrong retains 300,001 shares valued at $ 1 billion.
Data from Capital Market Laboratories does not suggest that any executive or insider bought additional shares, they only sold.
The sales triggered mockery and jokes on social media, with many observers likening the sales to the classic “pump and dump” in which insiders and team members sell their tokens on the retail market shortly after a listing.
Now, in another SEC filing, it was revealed that Coinbase CEO and venture capitalist Fred Wilson sold 4.7 million shares for a profit of $ 1.82 billion. While it is not clear how much COIN it still has.
What do you think about what Brian Armstrong, CEO of Coinbase, did? Let me know in the comment box.