According to a new Wall Street Journal story, four top Coinbase executives have gained over $1 billion by selling the company’s stock since it went public last year.
According to the article, co-founders Brian Armstrong and Fred Ehrsam, Chief Operating Officer Emilie Choi, and Chief Product Officer Surojit Chatterjee were all complicit in the conduct.
According to the article, Fred Ehrsam sold the most stock, “almost half a billion dollars in stock sales,” while others, such as Armstrong, sold shares for $292 million. The other executives, Choi and Chatterjee, have sold $226 million and $110 million worth of shares each.
The shares were said to have been sold at varying times of the market, with some selling when the stock was trading for as high as $422 and some at $189. According to WSJ, a Coinbase spokesperson reportedly said:
“These Coinbase executives maintain large positions in the company, reflecting their commitment to our long-term opportunities.”
In recent months, the price performance of the only publicly traded crypto exchange has not been particularly encouraging.
The company stated in its earnings call for the first three months of 2022 (Q1 2022), that revenue was declining and that its user base was shrinking. As the company strives to expand its horizon into new markets, this reduction has inspired some of the company’s recent moves.
Coinbase stock is currently trading at $74.69, which is over 70% lower than its year-to-date (YTD) measure.
However, this hasn’t stopped the exchange from making the Fortune 500 list. Coinbase is the first cryptocurrency company to make the Fortune 500 list, which ranks the top 500 firms in the United States by gross revenue.
Coinbase profited from the “freakish circumstances of COVID,” according to the preface written by Fortune Editor-in-Chief Alyson Shontell.
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