The CEO of Coinbase sold stocks for $292 million, and insiders cashed out over $4.6 billion « Naijatechnews

The CEO of Coinbase sold stocks for $292 million, and insiders cashed out over $4.6 billion

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After the listing of cryptocurrency trading platform Coinbase, the company’s chief executive officer (CEO) Brian Armstrong sold 749,999 shares and cashed out US$292 million .

Last Wednesday, Coinbase was listed on NASDAQ under the ticker symbol “COIN”. The company did not use the traditional IPO method to go public, but used a direct listing method to list on the Nasdaq Stock Exchange, which means that the company did not raise funds through the listing process .

As of the close of US stocks last Friday, Coinbase’s stock price closed at $342, an increase of 5.96%. After the market, the stock closed at 344.38 US dollars, up 0.70%.

Data from the Capital Markets Laboratory and documents on the Coinbase Investor Relations website show that Coinbase insiders sold a total of 12,965,079 shares. If calculated according to Coinbase’s after-hours price last Friday, these stocks are worth more than $4.6 billion .

Among them, Armstrong sold 749,999 shares in three batches (approximately 1.5% of his shares), with prices ranging from US$381 to US$410.40 for each batch, totaling approximately US$291.8 million.

Coinbase’s chief financial officer (CFO) Alesia Haas sold approximately 255,500 shares at a price of US$388.73, for a total of approximately US$99.32 million.

Another document disclosed that Coinbase director and venture capitalist Frederick Wilson (Frederick Wilson) sold 4.7 million shares for a total of US$1.82 billion.

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