Coinbase insiders sold $7.4M stocks in the last 30 days Coinbase insiders sold $7.4M stocks in the last 30 days
Coinbase CEO Brian Armstrong sold around 90,000 shares in the last 30 days for $5.8 million, according to Dataroma data.
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Updated: Mar. 22, 2023 at 3:18 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
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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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In this article
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.
Paul Grewal is the Chief Legal Officer of Coinbase where he is responsible for Coinbase’s legal, compliance, global intelligence, risk management and government relations groups.
