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.Check Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Alberto Andrei Rosu