Coinbase executives are getting rid of their shares
An analysis by crypto media outlet Protos reveals that Coinbase executives dumped a total of $250 million worth of shares over the past month. Over the first 145 days of COIN stock’s existence, the company’s executives thus “dumped” a total sum of $5.43 billion.
Marc Andreessen of Andreessen Horowitz sold the most shares in the past month: $188 million alone. As a reminder, the man owns 10% of Coinbase, of which he is also a director.
However, this amount is much lower than the amount “dumped” on the first day by venture capitalist Fred Wilson, who is also a director of the company. On the day COIN stock started trading, he actually sold for $3.6 billion.
A trend that continues?
As noted in the analysis, sales had calmed down in recent months, but they started to rise again over the summer :
This was already causing commentary within the crypto community, so much so that Coinbase had published an article to explain these sales. The company had compared them with the “dumping” done by executives from Asana, Palantir, Roblox and Slack.
But as Protos points out, if you look at the sales over the same 145-day period, Coinbase far outpaces the other companies. Its executives “dumped” 40% more than the other four companies combined:
Coinbase’s share price is struggling to regain its form
Coinbase’s stock had reached $645 in April last year, before losing half its value. Since then, it has failed to recover to similar levels: it is trading at $280 this morning:
Source: TradingView, COIN/USD
Coinbase remains a forerunner, however. Its market capitalization is the largest in the crypto sector.ptomoney: it reached $72.9 billion. The attractiveness of the company was also confirmed by Intel last month. The computer giant acquired 3,014 COIN shares, which were worth $787,000 at the time of the sale.
More information on the Coinbase exchange platform
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About the author: Marine Debelloir
Deputy Editor-in-Chief on Cryptoast, I fell into the crypto-currency pot a few years ago. I’m passionate about the innovative technologies that come from blockchain and I love digging up the juiciest news to share with you.
All articles by Marine Debelloir.