Coinbase CEO Brian Armstrong offloaded $1.8M worth of shares in April Coinbase CEO Brian Armstrong offloaded $1.8M worth of shares in April
CryptoSlate had previously reported that Armstrong sold 89,196 Coinbase shares for a total of $5.8 million in March.
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Updated: Jul. 16, 2023 at 12:42 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Coinbase CEO Brian Armstrong sold $1.8 million worth of the companyโs stocks in April, according to Dataroma data.
According to the data, Armstrong sold a total of 29,730 Coinbase shares โ which add up to $1,860,444 in value โ in six transactions on April 12.
The recent sales continue the CEO’s previous dumping of the company’s stock. CryptoSlate reported that Armstrong sold 89,196 Coinbase shares for $5.8 million in March โ almost half of these sales were made ย 24 hours before the U.S. SEC issued a warning to the exchange.
At the time, several members of the crypto community had raised issues about the timing of the sales โ with some speculating that Armstrong was dumping on the public.
Before then, Armstrong had consistently sold Coinbase shares since November 2022, when he announced that he would fund scientific research and development through two startups โ NewLimit and Research Hub.
At the time, Armstrong pledged to sell 2% of his stake at the crypto firm.
Meanwhile, Armstrong is not the only Coinbase executive selling the company’s stocks. The exchange’s chief legal officer Grewal Paul sold over $300,00 worth of the company stocks in March, according to Dataroma data.
Coinbase stocks on the ascendancy
Coinbase’s COIN stock is one of the best-performing crypto stocks in 2023. For context, the stock is up 17% in the past week and over 12% in the last month.
The exchange’s stock has risen by roughly 92% on the years-to-date-metrics, according to Tradingview data.
The stock performance has coincided with Bitcoin’s (BTC) return to above $30,000 and a renewed interest in digital assets among investors.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.