Executives at top crypto exchange Coinbase are reportedly selling off $1.2 billion worth of the company’s shares since its direct listing in April 2021.
The Wall Street Journal (WSJ) reports that Coinbase CEO and co-founder Brian Armstrong, co-founder Fred Ehrsam, president and chief operating officer Emilie Choi and chief product officer Surojit Chatterjee are responsible for the sales.
The WSJ determined the figure by tracking regulatory filings.
Coinbase’s shares (COIN) opened at around $342 in April 2021 but have since plummeted to $75.12 at time of writing, according to MarketWatch. That’s a decrease of more than 78% in about 13 months.
A Coinbase spokesman told the WSJ that the four executives “maintain large positions in the company, reflecting their commitment to our long-term opportunities.”
Ehrsam sold the most, making nearly $500 million off the shares. He reportedly also bought $75 million worth of the shares earlier in May as COIN’s price dipped. The purchase was on behalf of his investment firm, Paradigm.
Armstrong – and his trust – made $292 million off the shares. Choi made $226 million, and Chatterjee made $110 million.
The WSJ adds that the Coinbase executives unloaded their shares at prices ranging between $189 to $422.
It’s normal for early investors to sell off portions of their holdings when a company undergoes a direct listing, according to the WSJ.
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