Just weeks after Coinbase, one of the world’s largest cryptocurrency exchanges, reported a net loss of $430 million for Q1 of 2022, reports have surfaced that the exchange’s top executives have unloaded shares worth over $1.2 billion since its public listing.
Coinbase Top Execs Unload COIN
In April 2021, Coinbase announced the company’s public listing, making it the first pure-play crypto trading platform to go public.
Coinbase (COIN) shares opened public trading at $381. Despite hitting highs of $422, COIN is currently trading at $75.38 apiece at the time of writing. A report suggests that, since COIN was launched in 2021, top executives of the exchange have unloaded shares worth over $1.2 billion.
An analysis of the regulatory filings of Coinbase in the Wall Street Journal reveals that the top four executives of Coinbase have been selling shares at prices between $189 to $422.
The report lists Co-Founders Brian Armstrong and Fred Ehrsam, Chief Operating Officer Emilie Choi, and Chief Product Officer Surojit Chatterjee as the executives involved.
According to the report, Fred Ehrsam made the most sales, offloading shares worth nearly $500 million, while Armstrong has sold holdings worth $292 million. The other executives, Choi and Chatterjee, have sold $226 million and $110 million worth of shares respectively.
On the Flipside
- As the share price of Coinbase (COIN) declined, Cathie Wood’s Ark Investment Management bought a combined total of 546,579 shares worth $2.9 million.
Why You Should Care
Despite offloading shares, a Coinbase spokesperson asserts that the four leaders maintain large positions in the exchange, demonstrating “their commitment to the long-term opportunities” of Coinbase.
Read the article below to learn about Coinbase’s 2022 Q1 report:
Coinbase Reacts to Peter Brandt’s Warning that Users Could Lose All Their Bitcoin
Read about the recent improvements to the Coinbase app:
Coinbase Expands List of Wallet App Features to Take DeFi-First Approach
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