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According to the report, four of Coinbase’s top executives have sold nearly $1 billion in stock.
Made $1.2 from stocks
The Wall Street Journal examined Coinbase’s recent regulatory filings and discovered that four of the company’s top executives had made $1.2 billion in stock transactions since February.
According to the article, Brian Armstrong, the company’s co-founder and CEO, and his living trust sold shares for $292 million.
Emilie Choi, the company’s COO, exercised options for $9.7 million and sold her shares for $226 million. Fred Ehrsam, a co-founder, sold the most stock, making about $500 million.
Finally, CPO Surojit Chatterjee spent $6 million to execute options and made $110 million by selling shares.
It appears that each individual still holds equity in the corporation.
The executives “retain sizable interests in the firm, showing their dedication to our long-term potential,” a Coinbase spokeswoman told the Wall Street Journal.
Even as Coinbase’s stock prices fell, Ehrsam purchased back $75 million of the company’s stock this month.
Can stokes be Recover?
Coinbase’s stock (COIN) is now worth $75.32 as of Wednesday, May 26. This price is close to the previous month’s low of $53.72.
Though some of the executive sales occurred when the stock was trading at a higher price, it appears that at least some of the transactions were driven by falling prices.
Coinbase executives sold at prices ranging from $189 to $422 when the company’s shares first debuted at $381 in April 2021.
A weak crypto market is most likely to blame for Coinbase’s stock price decline. Bitcoin’s value has dropped below $28,900, its lowest since December 2020.
Coinbase’s income fell by 27% year over year this month due to poor market conditions.
Despite these challenges, several experts believe Coinbase’s stock has a bright future.
Based on Coinbase’s methods for security and regulatory compliance, one Cowen analyst believes COIN has a 27 percent upside and a target price of $85.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
