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Shopify’s CEO Bought $3M Worth of Coinbase Shares During the Past 2 Months

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Shopify's CEO
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  • Tobias Lütke has purchased close to $3 million in Coinbase shares 
  • COIN gained 2.11% during the past 24 hours
  • Lütke acquired 3,930 shares of COIN on August 11 

According to public records, Shopify CEO Tobias Lütke has bought Coinbase shares worth close to $3 million in the last 60 days.

Since Lütke is an associate of Coinbase, he is required by law to report his trades to the U.S. Securities and Exchange Commission (SEC) because he joined the Coinbase board in February.

COIN’s current market value –  66.61 U.S. dollars per share

Tobias Lütke of Shopify Has Purchased A Considerable Number of COIN Shares of Coinbase Global Inc. Since August 11 According to statistics, COIN’s shares have suffered losses of 74.47 percent, or 184 nominal U.S. dollars, over the past year.

On Monday, October 3, 2022, COIN gained 0.93% over the previous five days and 2.11 percent over the previous 24 hours.

The current market value of COIN has been in the range of 66.61 nominal US dollars per share.According to public records, Shopify CEO Tobias Lütke has acquired COIN shares worth slightly less than $3 million in the past two months.

On August 11, Lütke purchased 3,930 COIN shares for $97.24 each.On August 16, Lütke made a purchase of 4,023 shares for $90.55 each, five days later. 

According to the acquisition records, since August 11, he has paid approximately $369,500 per week for COIN shares.Shopify’s billionaire founder and CEO is a core member of the Ruby on Rails project and has a deep interest in technology.

ALSO READ: Crypto exchange Bitkub targeted by Thai SEC

Ehrsam paid  $68 per share for the 1.1 million COIN shares

Celtic House Venture Partners assisted Lütke and a few other Shopify executives in investing $3 million in Creative Layer, a global print-on-demand platform, a year ago. 

Since a long time ago, Lütke and Shopify have expressed an interest in cryptocurrency assets and bitcoin (BTC).

Shopify joined Meta’s Libra Association in February 2020, and that same year, the company began accepting cryptocurrency payments. 

Along with a16z founder Marc Andreessen, Coinbase CEO Brian Armstrong, Coinbase co-founder Fred Ehrsam, and former Cisco CSO Kelly Kramer, Lütke serves as a director on the five-member Coinbase Global board.

According to the disclosures, Ehrsam is the only other Coinbase insider to have bought shares this year.  The 1.1 million COIN shares were purchased by Ehrsam in May for slightly more than $68 per share on average.According to the records, Lütke owns approximately 65,815 shares, with his most recent purchase costing $62 per share.

Nancy J. Allen

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