CEO Brian Armstrong Sells $1.6 Million Worth Of Coinbase Shares

A document filed by Coinbase with the US SEC shows that Coinbase CEO Brian Armstrong sold more than 30,000 A Coinbase shares for $1.6 million on November 11.

U.S. Securities and Exchange Commission (SEC) filings reveal that Coinbase CEO Armstrong sold approximately 30,000 Coinbase Class A shares for $1.6 million on November 11. Because of this, the CEO converted his Class B shares to Class A and he will do the same in the coming months, the report claims.

As was updated in a previous Coincu News article, on October 15, Armstrong confirmed that he plans to sell his 2% stake in Coinbase and that he will do the same for his initial investment in more technology projects.

When Coinbase went public, at the time, Coinbase stock (COIN) was trading at $340 but currently the trading value is currently hovering around $55.5, which is a lot of money. similar to the fallout faced by other traditional stocks.

Brian Armstrong’s decision to sell his shares coincided with the time that crypto exchange FTX filed for Chapter 11 bankruptcy.

On November 8, Coinbase also confirmed being a victim of the FTX liquidity crisis. The company said it is depositing about $15 million on the FTX exchange and all of them have not been withdrawn yet. They claim to only send money, do not buy FTT, do not work with Alameda and do not lend to FTX.

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