Key Points:
- Coinbase CEO Brian Armstrong sold a total of 29,730 Coinbase shares for $1,860,444 in six transactions in April.
- The community believes Armstrong is dumping to the public.
- Previously, Coinbase CEO pledged to sell 2% of his company ownership to expand startups.
When the market starts to move, Coinbase CEO Brian Armstrong continues to sell Coinbase shares.
According to Dataroma, Armstrong sold $1.8 million in company shares in April.
The statistics show that on April 12, he sold a total of 29,730 Coinbase shares for $1,860,444 in six transactions.
The current sales follow the CEO’s earlier stock-dumping spree. In March, Armstrong sold 89,196 Coinbase shares for $5.8 million. About half of these transactions occurred within 24 hours of the U.S. The exchange was warned by the SEC.
Some members of the cryptocurrency community had voiced concerns about the timing of the sales at the time, with some believing that Armstrong was dumping on the public.
Armstrong has been selling Coinbase shares constantly since November 2022, when he stated that he would support scientific research and development via two firms, NewLimit, and Research Hub.
Coinbase CEO Brian Armstrong must sell 2% of his company ownership to support the startup’s life extension.
Nevertheless, Armstrong is not the only Coinbase executive selling shares in the firm. According to Dataroma data, the exchange’s chief legal officer Grewal Paul sold over $300.00 in company shares in March.
Armstrong is roughly one-third of the way through the process of disposing of that stock. At the time of the company’s 2022 proxy statement, he owned 39.6 million Coinbase shares, representing 18% ownership (with 59.5% voting power).
Coinbase stock performance has corresponded with Bitcoin’s (BTC) comeback to above $30,000 and investors’ increased interest in digital assets.
Coinbase claimed $470,000 in damages, which is thought to represent the cost of the exchange’s assistance with the US Department of Justice and the Securities and Exchange Commission in an insider trading probe. The settlement cost includes five subpoenas and 65 documents and information requests. This left $60,000 in salary unpaid for workers working for the DOJ. In the wake of a financial crisis and regulatory tightening, the biggest exchange in the United States has lately been continually involved in legal issues.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Coincu News
